Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Holdings Raised by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 162.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,908 shares of the oil and gas company’s stock after acquiring an additional 20,996 shares during the period. Sequoia Financial Advisors LLC’s holdings in Patterson-UTI Energy were worth $366,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PTEN. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 74.9% during the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after acquiring an additional 18,495,822 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Patterson-UTI Energy by 1.4% during the 1st quarter. BlackRock Inc. now owns 35,469,236 shares of the oil and gas company’s stock valued at $549,064,000 after purchasing an additional 476,464 shares in the last quarter. Blackstone Inc. acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at $483,016,000. Cerberus Capital Management L.P. bought a new stake in Patterson-UTI Energy in the third quarter worth $188,486,000. Finally, Macquarie Group Ltd. increased its position in Patterson-UTI Energy by 1.6% during the second quarter. Macquarie Group Ltd. now owns 13,463,553 shares of the oil and gas company’s stock worth $212,186,000 after buying an additional 215,120 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Up 1.1 %

Shares of PTEN opened at $11.34 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17. The firm has a market capitalization of $4.57 billion, a P/E ratio of 11.23, a P/E/G ratio of 1.57 and a beta of 2.21. The company has a 50-day simple moving average of $11.67 and a 200-day simple moving average of $11.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.63 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 dividend on an annualized basis and a yield of 2.82%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of analyst reports. Evercore ISI reduced their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Tuesday, February 20th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. Raymond James reduced their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, Bank of America lowered their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.17.

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.