Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 30.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,146,750 shares of the oil and gas company’s stock after buying an additional 265,714 shares during the period. Victory Capital Management Inc. owned about 0.29% of Patterson-UTI Energy worth $9,472,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy in the 4th quarter valued at $27,000. Smartleaf Asset Management LLC increased its stake in Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake 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 valued at $47,000 after purchasing an additional 1,358 shares during the last quarter. Covestor Ltd increased its stake 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 valued at $53,000 after purchasing an additional 3,307 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $85,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Stifel Nicolaus dropped 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 note on Monday, January 6th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded 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 report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Stock Down 2.9 %

Shares of NASDAQ PTEN opened at $7.61 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.34 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 $2.94 billion, a P/E ratio of -3.08 and a beta of 1.99. The stock has a fifty day moving average price of $8.46 and a 200 day moving average price of $8.24.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.20%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 358,149 shares of company stock valued at $2,990,766 over the last 90 days. 2.30% of the stock is owned by corporate insiders.

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.