Ameritas Investment Partners Inc. Has $421,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ameritas Investment Partners Inc. reduced its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,290 shares of the oil and gas company’s stock after selling 1,339 shares during the period. Ameritas Investment Partners Inc.’s holdings in Patterson-UTI Energy were worth $421,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PTEN. Raymond James & Associates lifted its holdings in Patterson-UTI Energy by 22.2% in the fourth quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock valued at $6,836,000 after buying an additional 114,868 shares during the period. AlphaMark Advisors LLC raised its holdings in Patterson-UTI Energy by 13.6% in the fourth quarter. AlphaMark Advisors LLC now owns 19,843 shares of the oil and gas company’s stock worth $214,000 after purchasing an additional 2,374 shares during the period. Arizona State Retirement System raised its holdings in Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after purchasing an additional 1,506 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Patterson-UTI Energy by 46.9% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $107,000 after purchasing an additional 3,196 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Patterson-UTI Energy by 3.4% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,647,627 shares of the oil and gas company’s stock worth $28,595,000 after purchasing an additional 88,145 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Performance

PTEN stock traded down $0.22 during trading hours on Wednesday, reaching $9.96. The stock had a trading volume of 7,267,373 shares, compared to its average volume of 6,838,692. The stock has a market capitalization of $4.00 billion, a PE ratio of 14.68 and a beta of 2.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The stock has a 50-day simple moving average of $10.41 and a 200 day simple moving average of $10.95. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.51 and a fifty-two week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter last year, the company posted $0.46 EPS. Analysts predict that Patterson-UTI Energy, Inc. will post 0.48 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PTEN. Bank of America cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. Piper Sandler lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Evercore ISI lowered their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.95.

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.