Gallo Partners LP Makes New $800,000 Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Gallo Partners LP purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 96,844 shares of the oil and gas company’s stock, valued at approximately $800,000.

Other institutional investors also recently modified their holdings of the company. Voleon Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $158,000. AdvisorShares Investments LLC boosted its holdings in Patterson-UTI Energy by 20.8% in the fourth quarter. AdvisorShares Investments LLC now owns 60,887 shares of the oil and gas company’s stock valued at $503,000 after acquiring an additional 10,500 shares in the last quarter. Lido Advisors LLC purchased a new position in Patterson-UTI Energy during the 4th quarter valued at $110,000. Northern Trust Corp lifted its position in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock worth $35,426,000 after purchasing an additional 170,417 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $821,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 1.0 %

Shares of PTEN stock opened at $5.95 on Wednesday. The stock’s 50 day simple moving average is $7.16 and its two-hundred day simple moving average is $7.89. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.70. The company has a market cap of $2.30 billion, a PE ratio of -2.41 and a beta of 1.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating the consensus estimate 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 company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm posted $0.15 EPS. The firm’s revenue was down 15.2% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 5.38%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.31%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PTEN. The Goldman Sachs Group decreased 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. Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Barclays reduced their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a research note on Monday. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.88.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy 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.