MGO One Seven LLC Purchases 5,638 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

MGO One Seven LLC boosted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,265 shares of the oil and gas company’s stock after acquiring an additional 5,638 shares during the period. MGO One Seven LLC’s holdings in Patterson-UTI Energy were worth $341,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in Patterson-UTI Energy by 162.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 590,059 shares of the oil and gas company’s stock valued at $4,875,000 after acquiring an additional 365,589 shares during the period. State of Tennessee Department of Treasury boosted its holdings in Patterson-UTI Energy by 4.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 130,106 shares of the oil and gas company’s stock valued at $1,075,000 after purchasing an additional 5,094 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Patterson-UTI Energy by 156.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,407 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 9,394 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Patterson-UTI Energy by 5.2% during the fourth quarter. MetLife Investment Management LLC now owns 232,559 shares of the oil and gas company’s stock valued at $1,921,000 after purchasing an additional 11,551 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. boosted its holdings in Patterson-UTI Energy by 37.5% during the fourth quarter. Mesirow Institutional Investment Management Inc. now owns 950,100 shares of the oil and gas company’s stock valued at $7,848,000 after purchasing an additional 258,983 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on PTEN. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Susquehanna decreased their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group decreased their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Barclays reduced their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.88.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction on Friday, March 7th. The shares were 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 of the company’s stock, valued at $634,224.50. The trade was a 36.03 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Down 1.3 %

NASDAQ:PTEN opened at $6.01 on Tuesday. The stock’s fifty day moving average price is $7.21 and its two-hundred day moving average price is $7.90. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $11.70. 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 company has a market cap of $2.32 billion, a price-to-earnings ratio of -2.43 and a beta of 1.60.

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

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.32%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is -12.31%.

Patterson-UTI Energy Company 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.