Amalgamated Bank Sells 1,719 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Amalgamated Bank decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 105,034 shares of the oil and gas company’s stock after selling 1,719 shares during the period. Amalgamated Bank’s holdings in Patterson-UTI Energy were worth $868,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the 4th quarter worth $27,000. MassMutual Private Wealth & Trust FSB raised its stake in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after buying an additional 1,358 shares in the last quarter. Covestor Ltd lifted its holdings in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after buying an additional 3,307 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Patterson-UTI Energy by 47.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after acquiring an additional 3,221 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of 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 acquiring an additional 1,723 shares during the period. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PTEN shares. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company 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 lowered their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s 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 owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy 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 position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $7.49 on Tuesday. Patterson-UTI Energy, Inc. has a twelve month low of $7.15 and a twelve month high of $12.65. The company has a market capitalization of $2.89 billion, a P/E ratio of -3.03 and a beta of 2.06. The firm has a 50 day moving average of $8.53 and a 200 day moving average of $8.32. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s payout ratio is -12.96%.

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.