Edge Capital Group LLC Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edge Capital Group LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 97,439 shares of the oil and gas company’s stock, valued at approximately $1,052,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its stake 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 buying an additional 2,594 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in Patterson-UTI Energy during the 3rd quarter valued at $98,000. GAMMA Investing LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $77,000. Perigon Wealth Management LLC purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at $111,000. Finally, Gallacher Capital Management LLC bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $143,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.35 on Thursday. The company has a 50 day simple moving average of $11.29 and a two-hundred day simple moving average of $11.20. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 15.22 and a beta of 2.18. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 12 month low of $9.73 and a 12 month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, analysts predict that Patterson-UTI Energy, Inc. will post 0.55 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PTEN shares. Evercore ISI cut their target price 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. Bank of America reduced their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday, April 15th. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Raymond James reduced their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, Susquehanna restated a “positive” rating and issued 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 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.67.

Read Our Latest Report on Patterson-UTI Energy

Insider Activity at Patterson-UTI Energy

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 stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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