Kestra Investment Management LLC Invests $85,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Kestra Investment Management LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 10,266 shares of the oil and gas company’s stock, valued at approximately $85,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares in the last quarter. Covestor Ltd grew its holdings in shares of Patterson-UTI Energy by 92.4% during 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 in the last quarter. Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $75,000 after buying an additional 3,221 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In other news, 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 sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were 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 in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Trading Down 0.3 %

NASDAQ PTEN opened at $8.83 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65. The stock has a market cap of $3.41 billion, a P/E ratio of -3.57 and a beta of 2.06. The stock’s fifty day moving average price is $8.44 and its 200-day moving average price is $8.37. 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 Dividend Announcement

The business also recently announced 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. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.62%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Citigroup dropped their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Stifel Nicolaus dropped their target price on 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. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

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.