US Bancorp DE Has $817,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

US Bancorp DE reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,872 shares of the oil and gas company’s stock after selling 2,295 shares during the period. US Bancorp DE’s holdings in Patterson-UTI Energy were worth $817,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. WFA Asset Management Corp bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at $27,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after buying an additional 1,358 shares during the period. Covestor Ltd lifted its holdings in Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after buying an additional 3,307 shares during the period. KBC Group NV grew its position in shares of Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after buying an additional 1,723 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $85,000. 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 James Carl Stewart sold 80,000 shares of Patterson-UTI Energy 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. 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 through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction dated 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 $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.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $7.38 on Tuesday. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -2.99 and a beta of 1.99. The stock’s 50 day moving average is $8.48 and its 200-day moving average is $8.26. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued 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 4.34%. Patterson-UTI Energy’s dividend payout ratio is presently -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.