Bailard Inc. Decreases Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bailard Inc. cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 20.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,998 shares of the oil and gas company’s stock after selling 8,200 shares during the quarter. Bailard Inc.’s holdings in Patterson-UTI Energy were worth $335,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Blackstone Inc. bought a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $483,016,000. Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 74.9% in the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after purchasing an additional 18,495,822 shares in the last quarter. Cerberus Capital Management L.P. bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at $188,486,000. FMR LLC lifted its holdings in Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock worth $161,311,000 after purchasing an additional 11,600,658 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 397.2% in the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after purchasing an additional 4,699,682 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.1 %

PTEN opened at $11.25 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $11.73 and its 200-day moving average price is $11.57. The company has a market cap of $4.54 billion, a P/E ratio of 11.14, a P/E/G ratio of 1.65 and a beta of 2.22. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.50 billion. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.6 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio (DPR) is 31.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Susquehanna reissued a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. Bank of America cut their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday, April 15th. Raymond James decreased their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. Evercore ISI dropped their price objective on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

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.