Gotham Asset Management LLC Invests $720,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Gotham Asset Management LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 87,209 shares of the oil and gas company’s stock, valued at approximately $720,000.

Other institutional investors also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC grew its stake in Patterson-UTI Energy by 16.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 360,942 shares of the oil and gas company’s stock worth $2,981,000 after acquiring an additional 51,216 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Patterson-UTI Energy by 31.4% in the fourth 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 during the period. Viking Fund Management LLC grew its stake in Patterson-UTI Energy by 63.6% in the fourth quarter. Viking Fund Management LLC now owns 180,000 shares of the oil and gas company’s stock worth $1,487,000 after purchasing an additional 70,000 shares in the last quarter. CX Institutional increased its holdings in Patterson-UTI Energy by 52.2% during the 4th quarter. CX Institutional now owns 36,551 shares of the oil and gas company’s stock worth $302,000 after purchasing an additional 12,538 shares during the period. Finally, KBC Group NV increased its holdings in Patterson-UTI Energy by 69.8% during the 4th quarter. KBC Group NV now owns 18,749 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 7,705 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction on 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 $634,224.50. This trade represents a 36.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $6.11 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -2.47 and a beta of 1.33. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The company has a 50 day moving average of $6.68 and a two-hundred day moving average of $7.71.

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 for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates 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 company’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. As a group, 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 business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.08 dividend. 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 currently -12.31%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. 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 report on Tuesday, April 15th. Barclays dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday. Susquehanna lowered their price target 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. 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 on the stock in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.14.

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.