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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 48,149 shares of the 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 of the company’s stock, valued at $634,224.50. This trade represents a 36.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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 shares were sold at an average price of $7.36, for a total value of $588,800.00.

Patterson-UTI Energy Trading Up 5.7 %

Shares of NASDAQ PTEN opened at $7.80 on Wednesday. The business has a fifty day moving average price of $8.47 and a 200 day moving average price of $8.25. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65. The stock has a market capitalization of $3.01 billion, a P/E ratio of -3.16 and a beta of 1.99. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Finally, 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 report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of PTEN. WFA Asset Management Corp acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Patterson-UTI Energy in the 4th quarter valued at about $42,000. Finally, Smartleaf Asset Management LLC increased its position in 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 worth $46,000 after purchasing an additional 1,717 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.