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

Fisher Asset Management LLC cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,958,054 shares of the oil and gas company’s stock after selling 873,704 shares during the period. Fisher Asset Management LLC owned about 1.21% of Patterson-UTI Energy worth $53,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. HighTower Advisors LLC lifted its position in Patterson-UTI Energy by 564.3% during the third quarter. HighTower Advisors LLC now owns 67,876 shares of the oil and gas company’s stock valued at $935,000 after purchasing an additional 57,659 shares during the period. Mutual of America Capital Management LLC lifted its position in Patterson-UTI Energy by 38.1% during the third quarter. Mutual of America Capital Management LLC now owns 56,176 shares of the oil and gas company’s stock valued at $777,000 after purchasing an additional 15,503 shares during the period. Rhumbline Advisers lifted its position in Patterson-UTI Energy by 61.7% during the third quarter. Rhumbline Advisers now owns 1,103,908 shares of the oil and gas company’s stock valued at $15,278,000 after purchasing an additional 421,410 shares during the period. PNC Financial Services Group Inc. lifted its position in Patterson-UTI Energy by 273.9% during the third quarter. PNC Financial Services Group Inc. now owns 60,163 shares of the oil and gas company’s stock valued at $833,000 after purchasing an additional 44,072 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in Patterson-UTI Energy during the third quarter valued at $98,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Stock Down 2.7 %

PTEN stock opened at $9.83 on Monday. The stock has a market capitalization of $3.95 billion, a P/E ratio of 14.46 and a beta of 2.18. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 52 week low of $9.73 and a 52 week high of $16.17. The firm has a 50-day simple moving average of $11.00 and a 200-day simple moving average of $11.11.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter in the prior year, the firm earned $0.46 EPS. Equities analysts forecast that Patterson-UTI Energy, Inc. will post 0.55 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.26%. Patterson-UTI Energy’s payout ratio is 47.06%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PTEN. Bank of America cut 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 report on Monday, April 15th. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Piper Sandler cut their price objective on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Evercore ISI cut their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Finally, Susquehanna reaffirmed a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.67.

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.