Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Guggenheim Capital LLC

Guggenheim Capital LLC lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 74.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 76,879 shares of the oil and gas company’s stock after selling 226,250 shares during the quarter. Guggenheim Capital LLC’s holdings in Patterson-UTI Energy were worth $635,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PTEN. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy during the fourth quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $39,000. Smartleaf Asset Management LLC increased its stake 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 purchasing an additional 1,717 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake 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 valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Patterson-UTI Energy 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 transaction of $2,044,700.00. Following the completion of the sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now owns 85,475 shares in the company, 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 currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Susquehanna lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, April 14th. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Finally, The Goldman Sachs Group dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.21.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $6.10 on Friday. The company has a market cap of $2.35 billion, a P/E ratio of -2.47 and a beta of 1.60. The business has a fifty day simple moving average of $7.33 and a 200-day simple moving average of $7.93. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.70. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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