Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Doheny Asset Management CA

Doheny Asset Management CA lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,695 shares of the oil and gas company’s stock after selling 10,000 shares during the quarter. Doheny Asset Management CA’s holdings in Patterson-UTI Energy were worth $677,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy during the 3rd quarter worth $25,000. CWM LLC boosted its position in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 791 shares during the period. Parkside Financial Bank & Trust boosted its position in Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 2,594 shares during the period. Lindbrook Capital LLC boosted its position in Patterson-UTI Energy by 350.7% during the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 2,539 shares during the period. Finally, GAMMA Investing LLC acquired a new position in Patterson-UTI Energy during the 4th quarter worth $77,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.6 %

NASDAQ PTEN traded up $0.17 on Thursday, hitting $10.67. 9,736,652 shares of the stock were exchanged, compared to its average volume of 6,554,360. The company’s 50-day moving average price is $11.67 and its two-hundred day moving average price is $11.53. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.53 and a beta of 2.23. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business earned $0.46 EPS. Research analysts predict that Patterson-UTI Energy, Inc. will post 0.62 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a yield of 3.00%. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PTEN. Evercore ISI reduced their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Tuesday, February 20th. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Susquehanna reissued a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Finally, Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

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.