Wedge Capital Management L L P NC Has $4.48 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wedge Capital Management L L P NC raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 46.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 414,357 shares of the oil and gas company’s stock after buying an additional 130,699 shares during the quarter. Wedge Capital Management L L P NC owned about 0.10% of Patterson-UTI Energy worth $4,475,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PTEN. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares in the last quarter. Clarus Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 3.4% during the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock valued at $498,000 after purchasing an additional 1,500 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Patterson-UTI Energy by 1.5% during the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after purchasing an additional 1,506 shares in the last quarter. MGO One Seven LLC lifted its stake in Patterson-UTI Energy by 6.3% in the 3rd quarter. MGO One Seven LLC now owns 27,142 shares of the oil and gas company’s stock valued at $376,000 after acquiring an additional 1,607 shares in the last quarter. Finally, Capital Advisors Ltd. LLC bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at approximately $25,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 0.6 %

PTEN stock opened at $11.53 on Thursday. 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 firm has a market capitalization of $4.65 billion, a PE ratio of 11.42, a PEG ratio of 1.68 and a beta of 2.21. Patterson-UTI Energy, Inc. has a 1-year low of $9.70 and a 1-year high of $16.17. The business’s 50 day simple moving average is $11.75 and its 200 day simple moving average is $11.61.

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

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is presently 31.68%.

Insider Buying and Selling 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 on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PTEN shares. Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Evercore ISI cut their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 20th. Bank of America cut their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Raymond James cut their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Finally, StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.17.

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.