Y Intercept Hong Kong Ltd Has $1.70 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Y Intercept Hong Kong Ltd lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 247.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,774 shares of the oil and gas company’s stock after acquiring an additional 146,564 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.05% of Patterson-UTI Energy worth $1,700,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB increased its holdings 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 worth $47,000 after purchasing an additional 1,358 shares in the last quarter. Covestor Ltd increased its holdings in Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 3,307 shares in the last quarter. Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after acquiring an additional 3,221 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.11 on Wednesday. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a market capitalization of $3.13 billion, a PE ratio of -3.28 and a beta of 2.07. The company’s 50 day simple moving average is $8.49 and its two-hundred day simple moving average is $8.35.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus dropped their price target on shares of 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 analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were 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 in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction 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 trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy 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.