James Carl Stewart Sells 48,149 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

James Carl Stewart also recently made the following trade(s):

• On Wednesday, December 18th, James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00.

Patterson-UTI Energy Trading Up 0.5 %

Shares of PTEN opened at $7.84 on Thursday. The business’s 50-day moving average price is $8.46 and its 200-day moving average price is $8.24. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The stock has a market cap of $3.03 billion, a PE ratio of -3.17 and a beta of 1.99. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after purchasing an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. State Street Corp grew its holdings in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. ARGA Investment Management LP grew its holdings in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 13.5% during the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after purchasing an additional 1,144,094 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

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.