Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 467.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,558,199 shares of the oil and gas company’s stock after acquiring an additional 1,283,684 shares during the quarter. Renaissance Technologies LLC owned approximately 0.40% of Patterson-UTI Energy worth $12,871,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Patterson-UTI Energy in the 4th quarter valued at about $39,000. Smartleaf Asset Management LLC raised its stake 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 valued at $46,000 after acquiring an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Patterson-UTI Energy by 31.4% during 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 related news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at $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 currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PTEN shares. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Susquehanna reduced their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday. The Goldman Sachs Group dropped their price target 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. Finally, Morgan Stanley reduced their price objective on shares of 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.21.

Patterson-UTI Energy Stock Up 0.7 %

PTEN opened at $5.79 on Wednesday. Patterson-UTI Energy, Inc. has a one year low of $5.12 and a one year high of $11.70. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -2.34 and a beta of 1.60. The business’s fifty day moving average is $7.75 and its two-hundred day moving average is $8.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 5.53%. Patterson-UTI Energy’s payout ratio is -12.96%.

Patterson-UTI Energy Company Profile

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.