Edgestream Partners L.P. Buys 7,799 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edgestream Partners L.P. increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 401,642 shares of the oil and gas company’s stock after acquiring an additional 7,799 shares during the period. Edgestream Partners L.P. owned about 0.10% of Patterson-UTI Energy worth $3,318,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new position in shares of Patterson-UTI Energy in the 4th quarter worth about $27,000. Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,717 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Patterson-UTI Energy by 31.4% in the fourth 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 in the last quarter. Covestor Ltd grew its position in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 3,307 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $85,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research reports. Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Trading Up 5.0 %

NASDAQ PTEN opened at $7.51 on Friday. The stock has a market cap of $2.90 billion, a P/E ratio of -3.04 and a beta of 1.99. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.03 and a fifty-two week high of $12.65. The stock has a 50 day simple moving average of $8.50 and a two-hundred day simple moving average of $8.28. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.26%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred 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 sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Carl Stewart sold 80,000 shares of the company’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 value of $588,800.00. Following the transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

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.