Fisher Asset Management LLC Has $41.60 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Fisher Asset Management LLC lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 4.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,035,871 shares of the oil and gas company’s stock after selling 232,895 shares during the quarter. Fisher Asset Management LLC’s holdings in Patterson-UTI Energy were worth $41,596,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp increased its stake in Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after acquiring an additional 1,352,840 shares during the period. Van ECK Associates Corp boosted its holdings in Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Patterson-UTI Energy by 22.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company’s stock valued at $2,138,000 after purchasing an additional 47,817 shares during the period. Stifel Financial Corp raised its holdings in shares of Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after buying an additional 42,824 shares in the last quarter. Finally, Versor Investments LP lifted its position in shares of Patterson-UTI Energy by 53.0% during the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after buying an additional 60,900 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction 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 sale, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Up 2.5 %

NASDAQ:PTEN opened at $8.31 on Monday. The company has a market cap of $3.21 billion, a price-to-earnings ratio of -3.36 and a beta of 2.06. 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’s fifty day moving average price is $8.53 and its two-hundred day moving average price is $8.33. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Stifel Nicolaus lowered 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 report on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the company from $11.00 to $10.00 in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

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.