Renaissance Technologies LLC Has $12.87 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Renaissance Technologies LLC raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 467.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,558,199 shares of the oil and gas company's stock after acquiring an additional 1,283,684 shares during the period. Renaissance Technologies LLC owned 0.40% of Patterson-UTI Energy worth $12,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Atria Investments Inc increased its position in Patterson-UTI Energy by 3.7% in the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock valued at $288,000 after acquiring an additional 1,252 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 1,358 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Patterson-UTI Energy by 10.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock worth $130,000 after purchasing an additional 1,436 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 1,717 shares during the period. Finally, Greenleaf Trust grew its position in Patterson-UTI Energy by 12.3% in the 4th quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company's stock valued at $162,000 after buying an additional 2,141 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on PTEN shares. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. The Goldman Sachs Group lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday. Susquehanna decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday. Finally, Morgan Stanley cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.21.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN traded up $0.27 during trading hours on Friday, hitting $6.10. 18,648,839 shares of the stock were exchanged, compared to its average volume of 8,714,892. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The stock has a 50-day simple moving average of $7.57 and a 200-day simple moving average of $8.00. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -2.47 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.25%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.