Wellington Management Group LLP Sells 29,075 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wellington Management Group LLP reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 778,159 shares of the oil and gas company’s stock after selling 29,075 shares during the period. Wellington Management Group LLP owned 0.19% of Patterson-UTI Energy worth $8,404,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $40,000. GAMMA Investing LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $77,000. DekaBank Deutsche Girozentrale increased its position in shares of Patterson-UTI Energy by 46.9% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 3,196 shares during the last quarter. Perigon Wealth Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $111,000. Finally, Connable Office Inc. bought a new position in Patterson-UTI Energy during the fourth quarter valued at about $129,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PTEN shares. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 21st. Bank of America decreased their target price on 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. Piper Sandler dropped their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Finally, Evercore ISI lowered their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.67.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $10.16 on Friday. The company’s 50 day simple moving average is $10.71 and its two-hundred day simple moving average is $11.03. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. Patterson-UTI Energy, Inc. has a 1 year low of $9.68 and a 1 year high of $16.17. The stock has a market capitalization of $4.08 billion, a PE ratio of 14.94 and a beta of 2.18.

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

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now directly owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company 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.