Deutsche Bank AG Lowers Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Deutsche Bank AG cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 45.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,246,787 shares of the oil and gas company’s stock after selling 1,034,532 shares during the period. Deutsche Bank AG’s holdings in Patterson-UTI Energy were worth $10,298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PTEN. Wedge Capital Management L L P NC lifted its holdings in Patterson-UTI Energy by 16.5% in the fourth 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 buying an additional 51,216 shares during the period. Somerset Trust Co lifted its holdings in shares of Patterson-UTI Energy by 57.4% during the fourth quarter. Somerset Trust Co now owns 24,175 shares of the oil and gas company’s stock valued at $200,000 after purchasing an additional 8,814 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Patterson-UTI Energy by 31.4% during 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 last quarter. Viking Fund Management LLC lifted its holdings in shares of Patterson-UTI Energy by 63.6% during the fourth quarter. Viking Fund Management LLC now owns 180,000 shares of the oil and gas company’s stock valued at $1,487,000 after purchasing an additional 70,000 shares during the last quarter. Finally, CX Institutional lifted its holdings in shares of Patterson-UTI Energy by 52.2% during the fourth quarter. CX Institutional now owns 36,551 shares of the oil and gas company’s stock valued at $302,000 after purchasing an additional 12,538 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PTEN shares. 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 report on Thursday, April 10th. Barclays lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Susquehanna lowered 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 report on Monday, April 14th. Morgan Stanley lowered their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Stifel Nicolaus lowered 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 report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.14.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 5,500 shares of the business’s 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 of the company’s stock, valued at $5,978,528.92. The trade was a 0.55% 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. bought 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now directly 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 disclosure for this purchase can be found here. 2.40% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

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

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $0.15 EPS. The firm’s revenue was down 15.2% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced 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. This represents a $0.32 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -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.