EntryPoint Capital LLC Takes $302,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

EntryPoint Capital LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 36,524 shares of the oil and gas company’s stock, valued at approximately $302,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. ARGA Investment Management LP lifted its stake in Patterson-UTI Energy by 421.0% in the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock valued at $84,375,000 after buying an additional 8,254,137 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after acquiring an additional 2,123,659 shares during the period. Van ECK Associates Corp lifted its position in Patterson-UTI Energy by 31.2% in the 4th 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 during the last quarter. State Street Corp boosted its stake in Patterson-UTI Energy by 9.6% during the 3rd 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 during the period. Finally, American Century Companies Inc. grew its position in Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after purchasing an additional 1,144,094 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 2.2 %

Patterson-UTI Energy stock opened at $8.38 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65. The firm’s 50 day moving average price is $8.35 and its two-hundred day moving average price is $8.20. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -3.39 and a beta of 1.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.82%. Patterson-UTI Energy’s payout ratio is presently -12.96%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PTEN. Morgan Stanley cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Stifel Nicolaus lowered 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 upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $11.00 to $10.00 in a research note 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.54.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’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 sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

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.