Dynamic Technology Lab Private Ltd Sells 181,427 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Dynamic Technology Lab Private Ltd cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 71.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,385 shares of the oil and gas company’s stock after selling 181,427 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Patterson-UTI Energy were worth $793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in PTEN. BNP Paribas Financial Markets raised its holdings in Patterson-UTI Energy by 92.1% during the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after buying an additional 435,490 shares during the last quarter. Raymond James & Associates raised its holdings in Patterson-UTI Energy by 22.2% during the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock valued at $6,836,000 after buying an additional 114,868 shares during the last quarter. WBI Investments Inc. bought a new stake in Patterson-UTI Energy during the 3rd quarter valued at $1,610,000. Walleye Trading LLC bought a new stake in Patterson-UTI Energy during the 3rd quarter valued at $2,830,000. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Patterson-UTI Energy by 20.0% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,559,482 shares of the oil and gas company’s stock valued at $35,424,000 after buying an additional 425,975 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $10.98 on Thursday. The firm’s 50 day moving average price is $11.47 and its 200-day moving average price is $11.29. Patterson-UTI Energy, Inc. has a twelve month low of $9.70 and a twelve month high of $16.17. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.41 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.81 and a beta of 2.23.

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 for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. 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 prior year, the business earned $0.46 EPS. Equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.56 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PTEN shares. Evercore ISI reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Bank of America reduced their price objective on shares of 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. Finally, Raymond James reduced their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $15.67.

Patterson-UTI Energy Company 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.