Bernzott Capital Advisors Lowers Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bernzott Capital Advisors lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 12.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 742,944 shares of the oil and gas company's stock after selling 102,695 shares during the period. Patterson-UTI Energy comprises approximately 3.0% of Bernzott Capital Advisors' investment portfolio, making the stock its 17th largest holding. Bernzott Capital Advisors owned 0.19% of Patterson-UTI Energy worth $6,137,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in shares of Patterson-UTI Energy by 3,991.5% during the 4th quarter. International Assets Investment Management LLC now owns 25,040 shares of the oil and gas company's stock valued at $207,000 after acquiring an additional 24,428 shares during the period. Principal Financial Group Inc. raised its position in Patterson-UTI Energy by 12.1% during the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company's stock worth $39,535,000 after acquiring an additional 559,859 shares during the period. Franklin Resources Inc. increased its stake in shares of Patterson-UTI Energy by 7.5% during the third quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company's stock worth $5,640,000 after purchasing an additional 47,640 shares in the last quarter. Tidal Investments LLC purchased a new position in Patterson-UTI Energy in the 3rd quarter valued at about $186,000. Finally, Geode Capital Management LLC raised its holdings in shares of Patterson-UTI Energy by 5.6% during the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company's stock valued at $68,717,000 after acquiring an additional 478,064 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now owns 32,438 shares of the company's stock, valued at $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN traded down $0.16 during trading hours on Friday, reaching $9.29. 9,201,173 shares of the company's stock were exchanged, compared to its average volume of 7,647,870. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The company has a 50-day moving average of $8.19 and a 200 day moving average of $8.63. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -4.24 and a beta of 2.09.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.

Analyst Ratings Changes

A number of research analysts have weighed in on PTEN shares. Raymond James lowered 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 upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus price target of $11.63.

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.