Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Sage Rhino Capital LLC

Sage Rhino Capital LLC lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 38.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,059 shares of the oil and gas company’s stock after acquiring an additional 3,928 shares during the quarter. Sage Rhino Capital LLC’s holdings in Patterson-UTI Energy were worth $116,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. increased its stake in shares of Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after acquiring an additional 2,123,659 shares during the period. State Street Corp increased its stake in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after acquiring an additional 1,352,840 shares during the period. ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the period. Geode Capital Management LLC increased its stake in shares of Patterson-UTI Energy by 5.6% during the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after acquiring an additional 478,064 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after acquiring an additional 1,743,241 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 9.9 %

Shares of NASDAQ PTEN opened at $7.49 on Tuesday. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The company has a market capitalization of $2.89 billion, a PE ratio of -3.03 and a beta of 2.06. 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 firm’s 50-day moving average is $8.53 and its two-hundred day moving average is $8.32.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Analysts Set New Price Targets

PTEN has been the topic of a number of recent analyst reports. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating 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 decreased their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

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.