Hara Capital LLC Lowers Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hara Capital LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,107 shares of the oil and gas company’s stock after selling 26,130 shares during the period. Patterson-UTI Energy accounts for about 1.2% of Hara Capital LLC’s investment portfolio, making the stock its 20th largest position. Hara Capital LLC owned 0.06% of Patterson-UTI Energy worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PTEN. WFA Asset Management Corp purchased a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of 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 valued at $29,000 after acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy during the 4th quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy during the 4th quarter worth $42,000. Finally, Smartleaf Asset Management LLC increased its holdings in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was bought 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 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 owns 85,475 shares of the company’s stock, valued at $634,224.50. This trade represents a 36.03% 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.

Analysts Set New Price Targets

A number of research analysts have commented on PTEN shares. Stifel Nicolaus reduced their price objective on 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. Susquehanna reduced their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, April 14th. Barclays decreased their price target 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. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday, May 16th. Finally, The Goldman Sachs Group reduced their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $9.82.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $5.78 on Wednesday. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -2.34 and a beta of 1.33. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The business’s 50 day moving average is $6.36 and its two-hundred day moving average is $7.60. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.27.

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, topping analysts’ consensus estimates 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 business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The business’s revenue was down 15.2% compared to the same quarter last year. Analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 5.54%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -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.