AXQ Capital LP Boosts Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

AXQ Capital LP boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 65.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 31,070 shares of the oil and gas company’s stock after purchasing an additional 12,332 shares during the period. AXQ Capital LP’s holdings in Patterson-UTI Energy were worth $257,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $27,000. Smartleaf Asset Management LLC grew its position in Patterson-UTI Energy by 43.5% in 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 increased its stake in 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 during the period. Kestra Investment Management LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $85,000. Finally, Sciencast Management LP acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $85,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on PTEN. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus dropped their price target on shares of 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. Finally, Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.63.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction dated 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 sale, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Carl Stewart sold 48,149 shares of the company’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 directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This trade represents a 36.03 % 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.

Patterson-UTI Energy Trading Down 0.4 %

NASDAQ:PTEN opened at $8.38 on Monday. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65. The stock has a market cap of $3.24 billion, a P/E ratio of -3.39 and a beta of 1.99. 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 $8.40 and a 200-day simple moving average of $8.19.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.82%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Patterson-UTI Energy 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.