Fisher Asset Management LLC Reduces Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Fisher Asset Management LLC decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,956,578 shares of the oil and gas company’s stock after selling 875,180 shares during the period. Fisher Asset Management LLC owned approximately 1.19% of Patterson-UTI Energy worth $53,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC boosted its position in Patterson-UTI Energy by 40.9% in the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at $128,000. Simplicity Solutions LLC increased its stake in shares of Patterson-UTI Energy by 38.2% in the third quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company’s stock worth $228,000 after acquiring an additional 4,562 shares during the period. Xponance Inc. raised its holdings in shares of Patterson-UTI Energy by 74.8% during the third quarter. Xponance Inc. now owns 21,405 shares of the oil and gas company’s stock worth $296,000 after purchasing an additional 9,160 shares during the last quarter. Finally, Dakota Wealth Management acquired a new position in Patterson-UTI Energy during the third quarter valued at $189,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

PTEN has been the topic of several analyst reports. Evercore ISI cut their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday. Bank of America lowered their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Royal Bank of Canada decreased their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Raymond James lowered 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. Finally, Susquehanna reissued a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.08.

Patterson-UTI Energy Trading Up 0.8 %

Shares of PTEN opened at $10.68 on Friday. The firm’s fifty day moving average is $11.63 and its two-hundred day moving average is $11.50. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.31 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.50 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. Research analysts forecast that Patterson-UTI Energy, Inc. will post 0.62 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

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.