Royce & Associates LP Boosts Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Royce & Associates LP increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 18.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,191,230 shares of the oil and gas company's stock after acquiring an additional 187,900 shares during the quarter. Royce & Associates LP owned about 0.31% of Patterson-UTI Energy worth $9,840,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Monaco Asset Management SAM boosted its holdings in shares of Patterson-UTI Energy by 50.0% during the 4th quarter. Monaco Asset Management SAM now owns 900,000 shares of the oil and gas company's stock valued at $7,434,000 after purchasing an additional 300,000 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in Patterson-UTI Energy during the 4th quarter valued at approximately $6,029,000. Avantax Advisory Services Inc. grew its holdings in Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock valued at $130,000 after buying an additional 1,436 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 63.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 31,870 shares of the oil and gas company's stock worth $263,000 after acquiring an additional 12,322 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 44.0% during the 4th quarter. HighTower Advisors LLC now owns 18,832 shares of the oil and gas company's stock worth $156,000 after acquiring an additional 5,753 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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Patterson-UTI Energy Trading Down 0.4 %

PTEN stock traded down $0.03 during trading on Friday, hitting $8.38. The company had a trading volume of 30,289,971 shares, compared to its average volume of 7,997,286. The firm has a market capitalization of $3.24 billion, a P/E ratio of -3.39 and a beta of 1.99. 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 52-week low of $7.03 and a 52-week high of $12.65. The company has a 50 day simple moving average of $8.40 and a 200-day simple moving average of $8.20.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.82%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is presently -12.96%.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost 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 of the company's stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PTEN. 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. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus reduced their price objective 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and an average target price 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.