Royce & Associates LP Has $9.84 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Royce & Associates LP grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,191,230 shares of the oil and gas company’s stock after purchasing an additional 187,900 shares during the period. Royce & Associates LP owned approximately 0.31% of Patterson-UTI Energy worth $9,840,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its stake in shares of 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. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $85,000. Finally, KBC Group NV increased its position in Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 1,723 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $7.86 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65. The business’s 50 day simple moving average is $8.42 and its 200 day simple moving average is $8.21. The stock has a market capitalization of $3.04 billion, a PE ratio of -3.18 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following 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 disclosure for this sale can be found here. Insiders sold 358,149 shares of company stock valued at $2,990,766 over the last quarter. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. 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 Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

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.