Proficio Capital Partners LLC Makes New Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Proficio Capital Partners LLC bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 31,851 shares of the oil and gas company’s stock, valued at approximately $263,000.

A number of other institutional investors have also recently added to or reduced their stakes in PTEN. Amalgamated Bank lifted its position in Patterson-UTI Energy by 9.5% in the third quarter. Amalgamated Bank now owns 106,753 shares of the oil and gas company’s stock worth $817,000 after purchasing an additional 9,295 shares during the period. Principal Financial Group Inc. lifted its position in Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares during the period. Covestor Ltd lifted its position in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 3,307 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in shares of Patterson-UTI Energy by 19.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 211,019 shares of the oil and gas company’s stock valued at $1,614,000 after buying an additional 34,897 shares in the last quarter. Finally, Chartwell Investment Partners LLC bought a new position in shares of Patterson-UTI Energy in the third quarter valued at $3,343,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 358,149 shares of company stock valued at $2,990,766. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $7.80 on Wednesday. The company’s fifty day moving average is $8.47 and its two-hundred day moving average is $8.25. 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 12-month low of $7.03 and a 12-month high of $12.65. The company has a market cap of $3.01 billion, a P/E ratio of -3.16 and a beta of 1.99.

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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Patterson-UTI Energy 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.