479,107 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by New Age Alpha Advisors LLC

New Age Alpha Advisors LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 479,107 shares of the oil and gas company’s stock, valued at approximately $3,957,000. New Age Alpha Advisors LLC owned approximately 0.12% of Patterson-UTI Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its position in shares of Patterson-UTI Energy by 6.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock valued at $359,000 after acquiring an additional 2,730 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Patterson-UTI Energy by 10.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock valued at $41,540,000 after purchasing an additional 494,250 shares during the last quarter. Citigroup Inc. grew its stake in Patterson-UTI Energy by 50.7% in the 3rd quarter. Citigroup Inc. now owns 492,472 shares of the oil and gas company’s stock worth $3,767,000 after buying an additional 165,710 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Patterson-UTI Energy by 34.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 355,713 shares of the oil and gas company’s stock worth $2,721,000 after buying an additional 90,691 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Patterson-UTI Energy by 11.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 758,907 shares of the oil and gas company’s stock valued at $5,806,000 after buying an additional 78,400 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 2.3 %

NASDAQ:PTEN opened at $8.19 on Friday. The firm has a market capitalization of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99. 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 company has a fifty day moving average of $8.33 and a 200 day moving average of $8.20. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.91%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PTEN. Morgan Stanley reduced their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.54.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is owned by 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.