SIR Capital Management L.P. Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SIR Capital Management L.P. bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 336,102 shares of the oil and gas company's stock, valued at approximately $2,776,000. SIR Capital Management L.P. owned about 0.09% of Patterson-UTI Energy as of its most recent SEC filing.

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Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Northern Trust Corp increased its holdings in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after purchasing an additional 170,417 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Patterson-UTI Energy by 30.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock valued at $9,472,000 after buying an additional 265,714 shares in the last quarter. Versor Investments LP raised its position in shares of Patterson-UTI Energy by 53.0% in the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company's stock worth $1,453,000 after acquiring an additional 60,900 shares during the period. Ieq Capital LLC raised its position in shares of Patterson-UTI Energy by 262.6% in the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company's stock worth $360,000 after acquiring an additional 31,589 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $511,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Susquehanna reduced their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group dropped their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Morgan Stanley reduced their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. Finally, Barclays dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.32.

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Check Out Our Latest Report on Patterson-UTI Energy

Patterson-UTI Energy Stock Performance

PTEN opened at $6.12 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The firm has a market capitalization of $2.36 billion, a PE ratio of -2.48 and a beta of 1.33. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm's 50-day moving average price is $6.71 and its 200 day moving average price is $7.72.

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Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.04. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business's revenue was down 15.2% on a year-over-year basis. During the same period last year, the company posted $0.15 EPS. As a group, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.23%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's payout ratio is currently -12.31%.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 48,149 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the sale, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This trade represents a 36.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.40% of the company's stock.

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.

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