Stanley Laman Group Ltd. Boosts Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stanley Laman Group Ltd. raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 320,110 shares of the oil and gas company’s stock after acquiring an additional 3,288 shares during the period. Stanley Laman Group Ltd. owned 0.08% of Patterson-UTI Energy worth $2,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB increased its stake in Patterson-UTI Energy by 31.4% during the 4th 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 during the period. Covestor Ltd grew its position in shares of Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. Blue Trust Inc. boosted its stake in Patterson-UTI Energy by 25.0% during 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, nVerses Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $75,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PTEN shares. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Stifel Nicolaus reduced their target price on shares of 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. Finally, Barclays lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $8.73 on Thursday. The business’s 50-day moving average is $8.30 and its two-hundred day moving average is $8.41. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.32.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -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.