Tejara Capital Ltd Grows Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Tejara Capital Ltd raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,604 shares of the oil and gas company’s stock after purchasing an additional 13,028 shares during the quarter. Tejara Capital Ltd’s holdings in Patterson-UTI Energy were worth $1,277,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after buying an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,358 shares during the period. KBC Group NV raised its holdings in shares of Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after buying an additional 1,723 shares during the period. Finally, Kestra Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $85,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 358,149 shares of company stock worth $2,990,766. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several analyst reports. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $7.86 on Tuesday. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of -3.18 and a beta of 1.99. The stock has a 50 day moving average of $8.42 and a 200-day moving average of $8.21. 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 52 week low of $7.03 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.07%. Patterson-UTI Energy’s payout ratio is -12.96%.

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.