Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO Purchases $197,000.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Patterson-UTI Energy Stock Down 0.6 %

NASDAQ PTEN traded down $0.05 on Monday, hitting $7.86. The stock had a trading volume of 11,798,710 shares, compared to its average volume of 7,855,598. The business's fifty day moving average price is $8.43 and its 200 day moving average price is $8.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a 52-week low of $7.03 and a 52-week high of $12.65. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -3.18 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.07%. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

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Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in PTEN. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $42,000. Finally, Smartleaf Asset Management LLC increased its holdings in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after buying an additional 1,717 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PTEN shares. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. 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. Finally, Stifel Nicolaus cut their target price 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.63.

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.