Vanguard Group Inc. Has $372.80 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vanguard Group Inc. decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,132,530 shares of the oil and gas company's stock after selling 1,054,860 shares during the period. Vanguard Group Inc. owned approximately 11.57% of Patterson-UTI Energy worth $372,795,000 as of its most recent filing with the Securities and Exchange Commission.

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

Patterson-UTI Energy Stock Up 0.5 %

PTEN traded up $0.03 during trading hours on Monday, hitting $5.69. 15,990,408 shares of the company's stock were exchanged, compared to its average volume of 8,431,118. 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. The stock's 50-day moving average is $8.12 and its two-hundred day moving average is $8.16. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -2.30 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

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.