New Age Alpha Advisors LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

New Age Alpha Advisors LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 479,107 shares of the oil and gas company’s stock, valued at approximately $3,957,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PTEN. Pacer Advisors Inc. boosted its stake in Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after acquiring an additional 2,123,659 shares in the last quarter. State Street Corp lifted its holdings in shares of Patterson-UTI Energy by 9.6% during 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 purchasing an additional 1,352,840 shares during the last quarter. ARGA Investment Management LP boosted its position in shares of Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after buying an additional 1,144,094 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Patterson-UTI Energy by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after buying an additional 478,064 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’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 sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Trading Down 2.3 %

Shares of PTEN stock opened at $8.19 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12-month low of $7.03 and a 12-month high of $12.65. The stock has a market capitalization of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99. The firm’s 50 day moving average is $8.33 and its 200 day moving average is $8.20.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is currently -12.96%.

Analysts Set New Price Targets

A number of research firms have recently commented on PTEN. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.54.

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.