Connable Office Inc. Raises Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Connable Office Inc. boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 81.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,917 shares of the oil and gas company’s stock after acquiring an additional 10,731 shares during the quarter. Connable Office Inc.’s holdings in Patterson-UTI Energy were worth $198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after buying an additional 1,358 shares during the period. CIBC Asset Management Inc lifted its holdings in Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after buying an additional 1,501 shares during the period. KBC Group NV lifted its holdings in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares during the period. Greenleaf Trust lifted its holdings in Patterson-UTI Energy by 12.3% in the 4th quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company’s stock worth $162,000 after buying an additional 2,141 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in Patterson-UTI Energy by 6.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock worth $359,000 after buying an additional 2,730 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 2.5 %

PTEN stock opened at $8.31 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $7.15 and a twelve month high of $12.65. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.21 billion, a PE ratio of -3.36 and a beta of 2.06. The business has a 50 day moving average of $8.53 and a 200 day moving average of $8.33.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction 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 sale, the director now 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. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PTEN shares. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a 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 objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus decreased their target price 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

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.