Y Intercept Hong Kong Ltd Grows Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Y Intercept Hong Kong Ltd lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 247.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 205,774 shares of the oil and gas company's stock after purchasing an additional 146,564 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.05% of Patterson-UTI Energy worth $1,700,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp boosted its holdings in Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after acquiring an additional 1,352,840 shares during the period. Van ECK Associates Corp raised its position in Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in Patterson-UTI Energy by 22.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company's stock valued at $2,138,000 after purchasing an additional 47,817 shares in the last quarter. Stifel Financial Corp raised its position in Patterson-UTI Energy by 103.2% during 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 in the last quarter. Finally, Victory Capital Management Inc. raised its position in Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company's stock valued at $6,740,000 after purchasing an additional 95,289 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.20 during trading on Friday, hitting $8.31. The stock had a trading volume of 8,508,407 shares, compared to its average volume of 7,520,795. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -3.36 and a beta of 2.06. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a 50-day simple moving average of $8.53 and a two-hundred day simple moving average of $8.34.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is -12.96%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company's stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now directly owns 1,549,081 shares in the company, 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 owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group raised 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. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company 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.