Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 29.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,338 shares of the oil and gas company’s stock after purchasing an additional 20,382 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Patterson-UTI Energy were worth $976,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Capital Advisors Ltd. LLC acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at approximately $25,000. CWM LLC raised its position in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 2,594 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Patterson-UTI Energy by 350.7% in the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 2,539 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at approximately $98,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Evercore ISI lowered their price objective on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Finally, Bank of America reduced their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Trading Down 0.1 %

Shares of Patterson-UTI Energy stock opened at $11.25 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 1.65 and a beta of 2.21. The business has a fifty day simple moving average of $11.73 and a 200-day simple moving average of $11.57. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.70 and a fifty-two week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.6 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

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.