Doheny Asset Management CA Sells 10,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Doheny Asset Management CA lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.8% in the fourth quarter, Holdings Channel reports. The firm owned 62,695 shares of the oil and gas company’s stock after selling 10,000 shares during the quarter. Doheny Asset Management CA’s holdings in Patterson-UTI Energy were worth $677,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC bought a new position in Patterson-UTI Energy in the third quarter valued at $25,000. CWM LLC grew its position in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 791 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,594 shares during the period. Lindbrook Capital LLC grew its position in shares of Patterson-UTI Energy by 350.7% in the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after acquiring an additional 2,539 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $98,000. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the subject of a number of research reports. Royal Bank of Canada cut their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Evercore ISI cut their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Raymond James cut their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Benchmark cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Trading Up 1.6 %

Shares of PTEN stock traded up $0.17 during mid-day trading on Thursday, hitting $10.67. The company’s stock had a trading volume of 9,736,652 shares, compared to its average volume of 6,554,360. The company’s fifty day simple moving average is $11.67 and its 200-day simple moving average is $11.53. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The company has a market cap of $4.30 billion, a PE ratio of 10.43, a P/E/G ratio of 1.53 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company posted $0.46 EPS. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.62 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

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.