Entropy Technologies LP Has $2.62 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Entropy Technologies LP increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 162.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 317,122 shares of the oil and gas company’s stock after buying an additional 196,300 shares during the quarter. Entropy Technologies LP owned 0.08% of Patterson-UTI Energy worth $2,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares during the period. Stifel Financial Corp increased its stake in shares of Patterson-UTI Energy by 103.2% in the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after buying an additional 42,824 shares during the period. Grace & White Inc. NY increased its position in Patterson-UTI Energy by 668.6% during the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after purchasing an additional 243,368 shares during the period. Signaturefd LLC increased its position in Patterson-UTI Energy by 64.5% during the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock valued at $145,000 after purchasing an additional 7,432 shares during the period. Finally, Victory Capital Management Inc. increased its position in Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock valued at $6,740,000 after purchasing an additional 95,289 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on PTEN shares. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Barclays reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Stock Up 2.9 %

Shares of PTEN opened at $8.62 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The business’s fifty day moving average is $8.26 and its 200 day moving average is $8.44. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.71%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

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.