Stifel Financial Corp Acquires 42,824 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stifel Financial Corp raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 103.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 84,307 shares of the oil and gas company’s stock after buying an additional 42,824 shares during the quarter. Stifel Financial Corp’s holdings in Patterson-UTI Energy were worth $645,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PTEN. Quantinno Capital Management LP bought a new stake in Patterson-UTI Energy in the third quarter valued at $97,000. Point72 DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth about $332,000. Holocene Advisors LP boosted its stake in shares of Patterson-UTI Energy by 43.9% during the 3rd quarter. Holocene Advisors LP now owns 968,585 shares of the oil and gas company’s stock valued at $7,410,000 after purchasing an additional 295,663 shares in the last quarter. ARGA Investment Management LP increased its position in shares of Patterson-UTI Energy by 1,066.6% during the third quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after buying an additional 1,792,655 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in shares of Patterson-UTI Energy during the third quarter valued at about $3,013,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $7.68 on Thursday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The company’s 50-day moving average is $7.99 and its 200 day moving average is $8.80.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Susquehanna cut their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Barclays dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Finally, Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.71.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

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.