AlphaQuest LLC Acquires 15,133 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

AlphaQuest LLC raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2,113.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,849 shares of the oil and gas company’s stock after purchasing an additional 15,133 shares during the period. AlphaQuest LLC’s holdings in Patterson-UTI Energy were worth $131,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. WFA Asset Management Corp bought a new stake in Patterson-UTI Energy in the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its holdings in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares during the period. KBC Group NV boosted its holdings in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 1,723 shares during the period. Finally, Kestra Investment Management LLC bought a new stake in Patterson-UTI Energy in the 4th quarter valued at about $85,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $7.86 on Tuesday. The company has a market cap of $3.04 billion, a price-to-earnings ratio of -3.18 and a beta of 1.99. 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 has a 50 day simple moving average of $8.42 and a 200 day simple moving average of $8.21. Patterson-UTI Energy, Inc. has a one year low of $7.03 and a one year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.07%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is -12.96%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy 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 value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 358,149 shares of company stock valued at $2,990,766 in the last quarter. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Stifel Nicolaus cut 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 report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

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.