Bank of New York Mellon Corp Boosts Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bank of New York Mellon Corp lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,439,545 shares of the oil and gas company’s stock after purchasing an additional 717,814 shares during the period. Bank of New York Mellon Corp owned 1.14% of Patterson-UTI Energy worth $36,671,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PTEN. State Street Corp increased its stake in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. Ieq Capital LLC increased its position in shares of Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after acquiring an additional 31,589 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Patterson-UTI Energy by 22.7% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company’s stock valued at $2,138,000 after acquiring an additional 47,817 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Patterson-UTI Energy by 103.2% during the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after acquiring an additional 42,824 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the 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 directly owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PTEN shares. Stifel Nicolaus reduced their price target 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 upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Trading Up 5.0 %

NASDAQ PTEN opened at $7.51 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.90 billion, a PE ratio of -3.04 and a beta of 2.06. The company has a 50 day moving average price of $8.50 and a 200 day moving average price of $8.29. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.26%. Patterson-UTI Energy’s payout ratio is currently -12.96%.

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.