Greenleaf Trust Purchases 2,141 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Greenleaf Trust increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,576 shares of the oil and gas company’s stock after purchasing an additional 2,141 shares during the period. Greenleaf Trust’s holdings in Patterson-UTI Energy were worth $162,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PTEN. Pacer Advisors Inc. boosted its stake in Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after buying an additional 2,123,659 shares in the last quarter. State Street Corp lifted its holdings in shares of 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 worth $118,080,000 after acquiring an additional 1,352,840 shares during the period. Geode Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after acquiring an additional 478,064 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Patterson-UTI Energy by 10.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock valued at $41,540,000 after acquiring an additional 494,250 shares during the period. Finally, Principal Financial Group Inc. raised its position in Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $8.38 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.27 billion, a P/E ratio of -3.83 and a beta of 2.06. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65. The company’s 50-day moving average price is $8.25 and its two-hundred day moving average price is $8.46.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now owns 32,438 shares in the company, valued at $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 at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PTEN shares. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Barclays decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Susquehanna dropped their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Royal Bank of Canada dropped their target price on shares of 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. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

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.