Swiss National Bank Lowers Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Swiss National Bank trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 734,488 shares of the oil and gas company’s stock after selling 10,500 shares during the quarter. Swiss National Bank owned about 0.19% of Patterson-UTI Energy worth $6,067,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $27,000. Smartleaf Asset Management LLC increased its stake 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 worth $46,000 after buying an additional 1,717 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at about $85,000. Finally, Quantinno Capital Management LP bought a new position in shares of Patterson-UTI Energy in the third quarter worth about $97,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.4 %

Shares of NASDAQ:PTEN opened at $8.38 on Monday. The company has a market cap of $3.24 billion, a price-to-earnings ratio of -3.39 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $8.40 and a 200 day moving average price of $8.19.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s 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 transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PTEN. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. 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. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One investment 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 data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average 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.