Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 16.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 360,942 shares of the oil and gas company's stock after purchasing an additional 51,216 shares during the period. Wedge Capital Management L L P NC owned approximately 0.09% of Patterson-UTI Energy worth $2,981,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV boosted its position in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 3,087 shares in the last quarter. Covestor Ltd lifted its stake in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 3,307 shares during the period. Blue Trust Inc. boosted its holdings in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after buying an additional 1,901 shares in the last quarter. nVerses Capital LLC acquired a new position in Patterson-UTI Energy during the third quarter worth about $75,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in Patterson-UTI Energy by 47.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company's stock valued at $75,000 after buying an additional 3,221 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Trading Down 1.7 %

Patterson-UTI Energy stock traded down $0.16 during trading on Monday, hitting $9.29. The company's stock had a trading volume of 9,201,173 shares, compared to its average volume of 8,225,490. The stock's fifty day moving average is $8.22 and its 200 day moving average is $8.60. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The stock 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.44%. Patterson-UTI Energy's payout ratio is currently -14.61%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PTEN shares. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Saturday, October 12th. Finally, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.

Patterson-UTI Energy Company Profile

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.