Stanley Laman Group Ltd. Has $1.81 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stanley Laman Group Ltd. raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 167,312 shares of the oil and gas company’s stock after purchasing an additional 25,919 shares during the period. Stanley Laman Group Ltd.’s holdings in Patterson-UTI Energy were worth $1,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PTEN. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $25,000. CWM LLC lifted its position in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares during the period. Parkside Financial Bank & Trust lifted its position in Patterson-UTI Energy by 635.8% during 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 purchasing an additional 2,594 shares during the period. Lindbrook Capital LLC increased its stake 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 last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at about $77,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on 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 owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PTEN. Evercore ISI lowered their price target on 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. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada lowered their price target on 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. Raymond James lowered their target price on 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. Finally, Susquehanna reissued a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Stock Down 0.1 %

NASDAQ:PTEN traded down $0.01 during trading hours on Friday, reaching $11.25. 5,225,025 shares of the stock were exchanged, compared to its average volume of 6,510,431. Patterson-UTI Energy, Inc. has a twelve month low of $9.70 and a twelve month high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The firm has a 50 day moving average of $11.73 and a 200 day moving average of $11.59. The stock has a market cap of $4.54 billion, a PE ratio of 11.14, a PEG ratio of 1.69 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.6 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is presently 31.68%.

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.