10,300 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Acquired by Crestline Management LP

Crestline Management LP purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 10,300 shares of the oil and gas company’s stock, valued at approximately $85,000.

Other hedge funds have also added to or reduced their stakes in the company. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $39,000. Smartleaf Asset Management LLC lifted its holdings 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 worth $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings 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 purchasing an additional 1,358 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Susquehanna dropped their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, April 14th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Barclays dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Finally, The Goldman Sachs Group dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $10.32.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction on 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 owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 directly owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Trading Up 2.6%

Shares of PTEN opened at $5.99 on Monday. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70. The business’s fifty day moving average is $6.80 and its 200-day moving average is $7.76. 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 firm has a market cap of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company posted $0.15 EPS. The company’s revenue for the quarter was down 15.2% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.34%. Patterson-UTI Energy’s payout ratio is -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.