Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Increased by Tejara Capital Ltd

Tejara Capital Ltd raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.2% during the 4th quarter, Holdings Channel reports. The fund owned 154,604 shares of the oil and gas company’s stock after purchasing an additional 13,028 shares during the period. Tejara Capital Ltd’s holdings in Patterson-UTI Energy were worth $1,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC raised its stake in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares in the last quarter. KBC Group NV raised its stake in Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after acquiring an additional 1,723 shares in the last quarter. Finally, Kestra Investment Management LLC bought a new stake in Patterson-UTI Energy during the 4th quarter valued at $85,000. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy 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 transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 358,149 shares of company stock worth $2,990,766 in the last three months. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $7.86 on Tuesday. 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 market capitalization of $3.04 billion, a price-to-earnings ratio of -3.18 and a beta of 1.99. The stock’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $8.21. Patterson-UTI Energy, Inc. has a 52-week low of $7.03 and a 52-week high of $12.65.

Patterson-UTI Energy Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PTEN. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average target price 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.