Quadrature Capital Ltd Invests $426,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Quadrature Capital Ltd purchased a new stake 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 firm purchased 39,490 shares of the oil and gas company’s stock, valued at approximately $426,000.

Several other large investors have also recently modified their holdings of PTEN. Neo Ivy Capital Management bought a new stake in Patterson-UTI Energy during the 4th quarter valued at about $40,000. Parkside Financial Bank & Trust grew its holdings in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $77,000. DekaBank Deutsche Girozentrale purchased a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $98,000. Finally, Perigon Wealth Management LLC purchased a new position in Patterson-UTI Energy in the 4th quarter worth approximately $111,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the transaction, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $10.10 on Monday. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 14.85 and a beta of 2.18. The business has a 50-day simple moving average of $10.80 and a two-hundred day simple moving average of $11.05. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 52 week low of $9.68 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same quarter last year, the business posted $0.46 EPS. On average, analysts expect that Patterson-UTI Energy, Inc. will post 0.55 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.17%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PTEN shares. Evercore ISI lowered their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Susquehanna reaffirmed a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday. Finally, Bank of America lowered their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

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.