Stanley Laman Group Ltd. Boosts Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stanley Laman Group Ltd. increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 320,110 shares of the oil and gas company’s stock after purchasing an additional 3,288 shares during the period. Stanley Laman Group Ltd.’s holdings in Patterson-UTI Energy were worth $2,644,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $486,000. Creative Planning lifted its stake in Patterson-UTI Energy by 101.4% in the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after buying an additional 65,570 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Patterson-UTI Energy during the 3rd quarter worth $75,000. AlphaMark Advisors LLC purchased a new position in shares of Patterson-UTI Energy during the 3rd quarter worth $272,000. Finally, Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 25.0% during the 3rd 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 during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Barclays lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Royal Bank of Canada cut their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Insider Transactions at Patterson-UTI Energy

In related news, 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 transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $8.73 on Thursday. The firm’s 50 day moving average is $8.30 and its 200-day moving average is $8.41. The company has a current ratio of 1.54, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

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.