Proficio Capital Partners LLC Buys New Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Proficio Capital Partners LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 31,851 shares of the oil and gas company's stock, valued at approximately $263,000.

Several other hedge funds have also recently bought and sold shares of the business. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $27,000. Smartleaf Asset Management LLC boosted its position in Patterson-UTI Energy by 43.5% during the 4th 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. MassMutual Private Wealth & Trust FSB increased its holdings in Patterson-UTI Energy by 31.4% in the 4th 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 in the last quarter. Kestra Investment Management LLC purchased a new position in Patterson-UTI Energy in the fourth quarter valued at about $85,000. Finally, Quantinno Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the third quarter worth about $97,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Down 2.3 %

NASDAQ PTEN traded down $0.19 on Friday, hitting $8.19. 9,577,733 shares of the stock traded hands, compared to its average volume of 8,324,033. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $8.33 and a 200 day moving average of $8.20. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company has a market capitalization of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99.

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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 given a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.91%. Patterson-UTI Energy's payout ratio is currently -12.96%.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the 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 sale, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Raymond James cut 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 lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday. Finally, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. One 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's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.