Schroder Investment Management Group Invests $511,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Schroder Investment Management Group bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 62,979 shares of the oil and gas company's stock, valued at approximately $511,000.

Other hedge funds also recently modified their holdings of the company. Orion Portfolio Solutions LLC purchased a new stake in Patterson-UTI Energy in the 4th quarter worth about $87,000. Pictet Asset Management Holding SA increased its holdings in shares of Patterson-UTI Energy by 19.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 67,890 shares of the oil and gas company's stock valued at $561,000 after purchasing an additional 11,284 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $3,957,000. Norges Bank acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth approximately $52,817,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday. Raymond James cut 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. Finally, Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a report on Monday, January 6th. One investment 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.38.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.17 on Friday, reaching $5.76. 6,984,627 shares of the stock were exchanged, compared to its average volume of 8,573,351. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $12.15. The firm has a fifty day moving average price of $7.85 and a two-hundred day moving average price of $8.06. The stock has a market cap of $2.23 billion, a PE ratio of -2.33 and a beta of 1.60.

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 given a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 5.56%. 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 dated Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. The trade was 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 owned by corporate insiders.

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.