TrueMark Investments LLC Sells 12,041 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

TrueMark Investments LLC lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,276 shares of the oil and gas company’s stock after selling 12,041 shares during the quarter. TrueMark Investments LLC’s holdings in Patterson-UTI Energy were worth $85,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PTEN. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $27,000. Smartleaf Asset Management LLC boosted its holdings in Patterson-UTI Energy by 43.5% in the 4th 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 period. MassMutual Private Wealth & Trust FSB grew its position in shares of 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 valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Kestra Investment Management LLC bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth $85,000. Finally, Sciencast Management LP purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $85,000. 97.91% of the stock is currently owned by institutional investors.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s 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 completion of the sale, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by company insiders.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $8.57 on Thursday. The firm has a fifty day simple moving average of $8.37 and a two-hundred day simple moving average of $8.19. 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. The company has a market capitalization of $3.31 billion, a PE ratio of -3.47 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of research analyst reports. Raymond James lowered 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 upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $11.00 to $10.00 in a research report 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

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.