Russell Investments Group Ltd. Has $15.01 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Russell Investments Group Ltd. lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,389,689 shares of the oil and gas company’s stock after selling 100,144 shares during the quarter. Russell Investments Group Ltd. owned about 0.33% of Patterson-UTI Energy worth $15,009,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy during the 3rd quarter worth about $25,000. CWM LLC grew its stake in shares of Patterson-UTI Energy by 40.9% during the third 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 during the last quarter. Parkside Financial Bank & Trust raised its position in Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in Patterson-UTI Energy by 350.7% during the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after buying an additional 2,539 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $77,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 0.8 %

NASDAQ:PTEN opened at $10.68 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $9.70 and a 1 year high of $16.17. The stock has a 50-day moving average price of $11.65 and a two-hundred day moving average price of $11.52. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.50 and a beta of 2.23. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data 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. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. During the same period in the previous year, the firm earned $0.46 EPS. As a group, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.62 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.00%. Patterson-UTI Energy’s payout ratio is 47.06%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated 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 sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTEN. Royal Bank of Canada cut their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Evercore ISI dropped their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday. Raymond James cut their price objective 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Finally, Bank of America cut their price target 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $16.08.

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.