Boothbay Fund Management LLC Purchases Shares of 99,382 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Boothbay Fund Management LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 99,382 shares of the oil and gas company’s stock, valued at approximately $821,000.

A number of other hedge funds have also made changes to their positions in the business. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $39,000. Smartleaf Asset Management LLC lifted its position 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 worth $46,000 after acquiring an additional 1,717 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings 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 worth $47,000 after acquiring an additional 1,358 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This 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 insiders.

Patterson-UTI Energy Trading Down 1.0 %

Shares of NASDAQ PTEN opened at $5.95 on Wednesday. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.70. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -2.41 and a beta of 1.60. 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’s 50 day simple moving average is $7.16 and its 200 day simple moving average is $7.89.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s payout ratio is -12.31%.

Analyst Ratings Changes

A number of research firms have recently commented on PTEN. The Goldman Sachs Group reduced their target price on shares of 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. Morgan Stanley cut their price objective on shares of 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. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Susquehanna cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Finally, Barclays lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.88.

About Patterson-UTI Energy

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.