Headlands Technologies LLC Makes New $339,000 Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Headlands Technologies LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 31,380 shares of the oil and gas company’s stock, valued at approximately $339,000.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 74.9% in the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after acquiring an additional 18,495,822 shares in the last quarter. Blackstone Inc. acquired a new stake in Patterson-UTI Energy in the third quarter valued at $483,016,000. Cerberus Capital Management L.P. bought a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $188,486,000. FMR LLC increased its stake in shares of Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock worth $161,311,000 after purchasing an additional 11,600,658 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Patterson-UTI Energy by 60.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,986,292 shares of the oil and gas company’s stock valued at $110,531,000 after purchasing an additional 3,013,692 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.1 %

PTEN stock opened at $11.25 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17. The business has a 50-day simple moving average of $11.73 and a 200 day simple moving average of $11.58. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.54 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 1.65 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post 0.6 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.84%. Patterson-UTI Energy’s payout ratio is presently 31.68%.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research analyst reports. Raymond James reduced their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Evercore ISI dropped their price target on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 20th. Bank of America reduced their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Finally, Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. One 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 issued a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $16.17.

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.