Prudent Man Advisors LLC Has $104,000 Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Prudent Man Advisors LLC lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,631 shares of the oil and gas company’s stock after selling 1,424 shares during the period. Prudent Man Advisors LLC’s holdings in Patterson-UTI Energy were worth $104,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PTEN. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position in Patterson-UTI Energy by 31.4% in the 4th 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 during the last quarter. Covestor Ltd raised its position in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 3,307 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after purchasing an additional 3,221 shares during the last quarter. Finally, KBC Group NV raised its position in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 1,723 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $8.31 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The firm 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 firm has a fifty day moving average of $8.53 and a 200-day moving average of $8.33.

Patterson-UTI Energy Dividend Announcement

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

Insider Activity

In related news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $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 company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating 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. According to MarketBeat, the stock presently 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.