Skylands Capital LLC Has $1.88 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Skylands Capital LLC trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 227,710 shares of the oil and gas company’s stock after selling 25,850 shares during the quarter. Skylands Capital LLC owned about 0.06% of Patterson-UTI Energy worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB lifted 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 during the period. Covestor Ltd lifted its stake in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the period. Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 3,221 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.34 on Monday. The company has a market cap of $3.22 billion, a PE ratio of -3.38 and a beta of 2.07. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The business has a 50 day moving average price of $8.46 and a 200-day moving average price of $8.36. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

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.