TrueMark Investments LLC Sells 12,041 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

TrueMark Investments LLC cut its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.0% during the 4th quarter, HoldingsChannel reports. The firm owned 10,276 shares of the oil and gas company’s stock after selling 12,041 shares during the period. TrueMark Investments LLC’s holdings in Patterson-UTI Energy were worth $85,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in 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 acquiring an additional 1,358 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in Patterson-UTI Energy in the fourth quarter worth about $85,000. Finally, Sciencast Management LP bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of analyst reports. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating 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 dropped their price target for the stock 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 assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, 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. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Up 0.9 %

Shares of Patterson-UTI Energy stock opened at $8.57 on Thursday. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company’s 50 day moving average is $8.37 and its 200 day moving average is $8.19. The company has a market cap of $3.31 billion, a price-to-earnings ratio of -3.47 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.73%. Patterson-UTI Energy’s dividend payout ratio (DPR) 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.