Versor Investments LP Acquires 60,900 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Versor Investments LP grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 53.0% in the fourth quarter, Holdings Channel reports. The firm owned 175,900 shares of the oil and gas company’s stock after buying an additional 60,900 shares during the quarter. Versor Investments LP’s holdings in Patterson-UTI Energy were worth $1,453,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy in the 4th quarter worth about $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in 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 grew its stake in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 3,307 shares during the period. Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of 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 valued at $75,000 after purchasing an additional 3,221 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research analyst reports. 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. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Citigroup dropped their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Stock Down 2.6 %

PTEN stock opened at $7.90 on Thursday. The business’s 50-day moving average price is $8.50 and its 200-day moving average price is $8.34. The stock has a market cap of $3.05 billion, a P/E ratio of -3.20 and a beta of 2.07. 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, Inc. has a twelve month low of $7.15 and a twelve month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.05%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy 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 sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

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.