Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 39.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 363,605 shares of the oil and gas company's stock after selling 240,175 shares during the quarter. Prudential Financial Inc. owned 0.09% of Patterson-UTI Energy worth $2,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $625,000. AXQ Capital LP lifted its holdings in Patterson-UTI Energy by 65.8% in the fourth quarter. AXQ Capital LP now owns 31,070 shares of the oil and gas company's stock valued at $257,000 after acquiring an additional 12,332 shares during the period. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after purchasing an additional 1,144,094 shares in the last quarter. Sciencast Management LP acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $85,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $132,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, 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. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded up $0.03 during trading hours on Monday, reaching $5.69. 15,990,408 shares of the company's stock were exchanged, compared to its average volume of 8,431,125. The business has a fifty day moving average of $8.12 and a two-hundred day moving average of $8.16. The company has a market capitalization of $2.20 billion, a P/E ratio of -2.30 and a beta of 1.60. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 5.62%. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several analyst reports. Raymond James lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.54.

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.