Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 62.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,394 shares of the oil and gas company’s stock after acquiring an additional 14,058 shares during the quarter. CIBC Asset Management Inc’s holdings in Patterson-UTI Energy were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PTEN. Creative Planning raised its position in Patterson-UTI Energy by 101.4% in the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after purchasing an additional 65,570 shares during the period. Blue Trust Inc. grew its stake in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after buying an additional 1,879 shares during the period. Signaturefd LLC lifted its position in Patterson-UTI Energy by 64.5% during the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after acquiring an additional 7,432 shares in the last quarter. Finally, Greenleaf Trust boosted its holdings in Patterson-UTI Energy by 65.4% in the 3rd quarter. Greenleaf Trust now owns 17,435 shares of the oil and gas company’s stock worth $133,000 after acquiring an additional 6,893 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Citigroup reduced their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Stifel Nicolaus dropped 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. 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 company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Stock Down 0.8 %

Shares of Patterson-UTI Energy stock opened at $8.27 on Tuesday. The business has a 50-day moving average price of $8.47 and a 200 day moving average price of $8.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The firm has a market cap of $3.20 billion, a P/E ratio of -3.35 and a beta of 2.07. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.87%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction dated 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 $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % 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.