Mesirow Institutional Investment Management Inc. Has $7.85 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Mesirow Institutional Investment Management Inc. lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 37.5% during the 4th quarter, HoldingsChannel reports. The fund owned 950,100 shares of the oil and gas company’s stock after acquiring an additional 258,983 shares during the quarter. Mesirow Institutional Investment Management Inc.’s holdings in Patterson-UTI Energy were worth $7,848,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of PTEN. Atria Investments Inc raised its position in shares of Patterson-UTI Energy by 3.7% in the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock valued at $288,000 after buying an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of 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 during the period. Avantax Advisory Services Inc. grew its holdings in shares of Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 1,436 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after purchasing an additional 1,596 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PTEN shares. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, April 14th. Morgan Stanley reduced their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Finally, Raymond James cut 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, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.21.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $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. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Trading Up 4.5 %

Shares of PTEN stock opened at $6.10 on Friday. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.70. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -2.47 and a beta of 1.60. The stock has a 50-day moving average of $7.57 and a 200-day moving average of $8.00.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 5.25%. Patterson-UTI Energy’s payout ratio is -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.