10,269 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Perigon Wealth Management LLC

Perigon Wealth Management LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 10,269 shares of the oil and gas company’s stock, valued at approximately $111,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter worth $25,000. Quarry LP increased its holdings in shares of Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 1,714 shares during the period. CWM LLC raised its position in shares of Patterson-UTI Energy by 40.9% during the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Patterson-UTI Energy by 635.8% in the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the period. Finally, Lindbrook Capital LLC grew its position in Patterson-UTI Energy by 350.7% during the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after buying an additional 2,539 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 1.1 %

Shares of PTEN opened at $11.34 on Friday. The business’s 50 day simple moving average is $11.67 and its 200-day simple moving average is $11.65. Patterson-UTI Energy, Inc. has a one year low of $9.70 and a one year high of $16.17. The company has a market capitalization of $4.57 billion, a P/E ratio of 11.23, a PEG ratio of 1.57 and a beta of 2.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.50 billion. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.63 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is presently 31.68%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Evercore ISI decreased their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 20th. Bank of America dropped their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday. Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $16.17.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

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.