Xponance Inc. Purchases 2,298 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Xponance Inc. lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,788 shares of the oil and gas company’s stock after purchasing an additional 2,298 shares during the period. Xponance Inc.’s holdings in Patterson-UTI Energy were worth $230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $27,000. Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Patterson-UTI Energy during the 4th quarter valued at approximately $85,000. Finally, Quantinno Capital Management LP purchased a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $97,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Down 2.3 %

Shares of PTEN stock opened at $8.19 on Friday. The company has a market cap of $3.16 billion, a PE ratio of -3.32 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65. The stock’s 50 day simple moving average is $8.33 and its two-hundred day simple moving average is $8.20. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.91%. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 85,475 shares of the company’s stock, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PTEN. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.54.

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.