Zurcher Kantonalbank Zurich Cantonalbank Buys 25,655 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 32.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,061 shares of the oil and gas company’s stock after acquiring an additional 25,655 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Patterson-UTI Energy were worth $868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the fourth quarter worth about $27,000. Smartleaf Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,717 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $85,000. Finally, KBC Group NV lifted its holdings in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the period. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Stock Down 0.2 %

Patterson-UTI Energy stock opened at $8.41 on Friday. The firm has a 50 day simple moving average of $8.40 and a 200 day simple moving average of $8.20. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of -3.40 and a beta of 1.99.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase 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.