Lido Advisors LLC Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Lido Advisors LLC acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 13,362 shares of the oil and gas company’s stock, valued at approximately $110,000.

Several other institutional investors also recently bought and sold shares of the business. Pacer Advisors Inc. boosted its position in Patterson-UTI Energy by 10.6% during the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after acquiring an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock valued at $140,046,000 after purchasing an additional 7,989,877 shares during the last quarter. ARGA Investment Management LP raised its holdings in Patterson-UTI Energy by 421.0% in the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock valued at $79,597,000 after buying an additional 1,144,094 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Patterson-UTI Energy by 31.2% in the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after buying an additional 1,743,241 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Stifel Nicolaus dropped their price target on 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. The Goldman Sachs Group lowered their target price 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. Susquehanna cut their price target on shares of 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 shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $10.32.

Patterson-UTI Energy Stock Down 1.1 %

NASDAQ:PTEN opened at $5.54 on Wednesday. The firm has a market capitalization of $2.14 billion, a P/E ratio of -2.24 and a beta of 1.33. The company’s fifty day moving average price is $6.92 and its 200-day moving average price is $7.81. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating 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 business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $0.15 EPS. The company’s revenue was down 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.78%. Patterson-UTI Energy’s dividend payout ratio is presently -12.31%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company’s stock.

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.