Arcadia Investment Management Corp MI Trims Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Arcadia Investment Management Corp MI decreased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 89.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,287 shares of the oil and gas company’s stock after selling 87,598 shares during the quarter. Arcadia Investment Management Corp MI’s holdings in Patterson-UTI Energy were worth $85,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the fourth quarter valued at $27,000. MassMutual Private Wealth & Trust FSB grew its position 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 acquiring an additional 1,358 shares during the period. Covestor Ltd increased its stake in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares in the last quarter. Blue Trust Inc. raised its holdings in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in Patterson-UTI Energy by 47.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after purchasing an additional 3,221 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Citigroup decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.34 on Friday. The business’s 50 day moving average price is $8.46 and its 200 day moving average price is $8.36. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -3.38 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65.

Patterson-UTI Energy Dividend Announcement

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 issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. Patterson-UTI Energy’s dividend payout ratio is presently -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.