Y Intercept Hong Kong Ltd Purchases 146,564 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Y Intercept Hong Kong Ltd boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 247.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 205,774 shares of the oil and gas company’s stock after acquiring an additional 146,564 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Patterson-UTI Energy were worth $1,700,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy in the 4th quarter worth $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of 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 valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Covestor Ltd boosted its stake in shares of Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Patterson-UTI Energy by 47.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 3,221 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 1.9 %

Shares of Patterson-UTI Energy stock opened at $8.11 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market capitalization of $3.13 billion, a PE ratio of -3.28 and a beta of 2.07. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65. The company has a 50-day simple moving average of $8.49 and a two-hundred day simple moving average of $8.35.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.95%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PTEN. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

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.