Cibc World Markets Corp Invests $301,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Cibc World Markets Corp bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, HoldingsChannel reports. The fund bought 36,419 shares of the oil and gas company’s stock, valued at approximately $301,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. ARGA Investment Management LP boosted its holdings in shares of Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock valued at $84,375,000 after acquiring an additional 8,254,137 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Patterson-UTI Energy by 10.6% in the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Van ECK Associates Corp grew its position in Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after purchasing an additional 1,743,241 shares during the period. State Street Corp raised its stake in shares of Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $6,029,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $8.46 on Tuesday. The stock has a market capitalization of $3.27 billion, a P/E ratio of -3.43 and a beta of 1.99. The business has a 50 day simple moving average of $8.40 and a two-hundred day simple moving average of $8.19. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.78%. Patterson-UTI Energy’s payout ratio is currently -12.96%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PTEN shares. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock 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 target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $11.63.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate 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.