Sumitomo Mitsui Trust Group Inc. Has $410,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,685 shares of the oil and gas company’s stock after selling 5,450 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Patterson-UTI Energy were worth $410,000 at the end of the most recent quarter.

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

Patterson-UTI Energy Trading Down 1.8 %

PTEN opened at $8.92 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.32. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -3.61 and a beta of 2.06. The company’s 50 day moving average price is $8.35 and its two-hundred day moving average price is $8.39.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.59%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction on 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 $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Royal Bank of Canada decreased 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 report on Friday, October 25th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Stifel Nicolaus dropped their target price 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $11.63.

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.