Proficio Capital Partners LLC Purchases Shares of 31,851 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Proficio Capital Partners LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 31,851 shares of the oil and gas company’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also bought and sold shares of PTEN. WFA Asset Management Corp acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $27,000. Smartleaf Asset Management LLC boosted its holdings in Patterson-UTI Energy by 43.5% in the fourth 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 last quarter. MassMutual Private Wealth & Trust FSB grew its position in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $85,000. Finally, Quantinno Capital Management LP acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $97,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PTEN shares. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus cut 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 report on Monday, January 6th. One investment 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.57 on Thursday. The stock has a market capitalization of $3.31 billion, a P/E ratio of -3.47 and a beta of 1.99. The company’s fifty day moving average price is $8.37 and its 200 day moving average price is $8.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65.

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 given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.73%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

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.