Panagora Asset Management Inc. Has $333,000 Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Panagora Asset Management Inc. lessened its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,865 shares of the oil and gas company’s stock after selling 265,786 shares during the quarter. Panagora Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $333,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Clarus Group Inc. raised its position in Patterson-UTI Energy by 3.4% in the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock valued at $498,000 after buying an additional 1,500 shares during the last quarter. Arizona State Retirement System raised its position in Patterson-UTI Energy by 1.5% in 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 buying an additional 1,506 shares during the last quarter. MGO One Seven LLC raised its position 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 buying an additional 1,607 shares during the last quarter. AlphaMark Advisors LLC raised its position in Patterson-UTI Energy by 13.6% in the 4th quarter. AlphaMark Advisors LLC now owns 19,843 shares of the oil and gas company’s stock valued at $214,000 after buying an additional 2,374 shares during the last quarter. Finally, 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 valued at $42,000 after buying an additional 2,594 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the topic of several recent analyst reports. Raymond James lowered their price target on 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. Piper Sandler lowered their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Finally, Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $15.67.

Patterson-UTI Energy Stock Up 0.6 %

PTEN stock opened at $10.80 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $4.34 billion, a PE ratio of 15.88, a PEG ratio of 1.72 and a beta of 2.23. 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 $11.44 and its 200 day simple moving average is $11.28.

Patterson-UTI Energy (NASDAQ:PTEN) last released 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. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same period in the previous year, the company posted $0.46 EPS. As a group, research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.55 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.96%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the sale, the director now directly owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 transaction of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate 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.