William Andrew Hendricks, Jr. Purchases 25,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Patterson-UTI Energy Stock Down 2.9 %

PTEN traded down $0.23 during trading on Thursday, hitting $7.61. The stock had a trading volume of 9,048,941 shares, compared to its average volume of 7,842,142. The company has a market capitalization of $2.94 billion, a PE ratio of -3.08 and a beta of 1.99. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a 50 day simple moving average of $8.46 and a two-hundred day simple moving average of $8.24.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 4.20%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Analyst Ratings Changes

PTEN has been the topic of a number of research reports. Stifel Nicolaus reduced 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. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $3,705,000. Brucke Financial Inc. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $135,000. Mackenzie Financial Corp raised its holdings in shares of Patterson-UTI Energy by 172.7% in the fourth quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company’s stock worth $573,000 after buying an additional 43,927 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $364,000. Finally, Vise Technologies Inc. raised its holdings in shares of Patterson-UTI Energy by 93.6% in the fourth quarter. Vise Technologies Inc. now owns 43,315 shares of the oil and gas company’s stock worth $358,000 after buying an additional 20,945 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.