Russell Investments Group Ltd. Has $7.99 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Russell Investments Group Ltd. lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 39.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 967,156 shares of the oil and gas company's stock after selling 617,718 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.25% of Patterson-UTI Energy worth $7,989,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quantinno Capital Management LP bought a new position in shares of Patterson-UTI Energy in the third quarter valued at $97,000. Stifel Financial Corp lifted its stake in Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company's stock valued at $645,000 after purchasing an additional 42,824 shares during the last quarter. State Street Corp grew its holdings in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Patterson-UTI Energy during the third quarter worth approximately $453,000. Finally, Geode Capital Management LLC lifted its position in shares of Patterson-UTI Energy by 5.6% in 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 buying an additional 478,064 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares of the company's stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.27 during trading on Friday, hitting $6.10. 18,648,839 shares of the company's stock were exchanged, compared to its average volume of 8,714,353. The stock's 50 day moving average price is $7.63 and its two-hundred day moving average price is $8.01. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.70. 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 company has a market cap of $2.35 billion, a PE ratio of -2.47 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 5.25%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

Analysts Set New Price Targets

PTEN has been the topic of a number of research analyst reports. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday. 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 decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Morgan Stanley reduced their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus target price of $11.21.

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.