Yousif Capital Management LLC Sells 2,627 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Yousif Capital Management LLC lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 134,471 shares of the oil and gas company’s stock after selling 2,627 shares during the period. Yousif Capital Management LLC’s holdings in Patterson-UTI Energy were worth $1,111,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PTEN. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB lifted its position in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares in the last quarter. Covestor Ltd raised its stake in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the period. Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth about $75,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Up 4.0 %

Shares of PTEN stock opened at $9.08 on Friday. The stock’s fifty day simple moving average is $8.32 and its 200 day simple moving average is $8.41. Patterson-UTI Energy, Inc. has a twelve month low of $7.15 and a twelve month high of $12.65. The firm has a market capitalization of $3.54 billion, a P/E ratio of -3.68 and a beta of 2.06. The company has a quick ratio of 1.32, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.52%. Patterson-UTI Energy’s payout ratio is -12.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PTEN shares. Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada cut their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

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.