Point72 Asset Management L.P. Has $15.24 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 45.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,844,659 shares of the oil and gas company’s stock after selling 1,567,438 shares during the quarter. Point72 Asset Management L.P. owned about 0.47% of Patterson-UTI Energy worth $15,237,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PTEN. ARGA Investment Management LP raised its holdings in Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock valued at $84,375,000 after acquiring an additional 8,254,137 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Patterson-UTI Energy by 89.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after buying an additional 7,989,877 shares during the period. Norges Bank acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth $52,817,000. Pacer Advisors Inc. grew its position in shares of Patterson-UTI Energy by 10.6% in 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 buying an additional 2,123,659 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $14,403,000. Institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director now owns 999,754 shares in the company, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PTEN shares. The Goldman Sachs Group lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Morgan Stanley cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Susquehanna decreased their price target on 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. Finally, Barclays lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.14.

Patterson-UTI Energy Price Performance

PTEN stock opened at $6.11 on Friday. The firm has a 50 day moving average of $6.68 and a 200-day moving average of $7.71. The firm has a market capitalization of $2.36 billion, a P/E ratio of -2.47 and a beta of 1.33. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Patterson-UTI Energy’s revenue was down 15.2% on a year-over-year basis. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.24%. Patterson-UTI Energy’s dividend payout ratio is -12.31%.

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.