Horizon Kinetics Asset Management LLC Sells 45,995 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Horizon Kinetics Asset Management LLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 347,542 shares of the oil and gas company’s stock after selling 45,995 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Patterson-UTI Energy were worth $2,871,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PTEN. State Street Corp grew its stake in Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Versor Investments LP grew its stake in Patterson-UTI Energy by 53.0% in the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after purchasing an additional 60,900 shares in the last quarter. Victory Capital Management Inc. grew its stake in Patterson-UTI Energy by 30.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock worth $9,472,000 after purchasing an additional 265,714 shares in the last quarter. Ieq Capital LLC grew its stake in Patterson-UTI Energy by 262.6% in the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock worth $360,000 after purchasing an additional 31,589 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Patterson-UTI Energy by 31.2% in the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PTEN shares. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Raymond James lowered 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 Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $7.91 on Monday. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The stock has a fifty day moving average price of $8.43 and a 200-day moving average price of $8.22. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.06 billion, a PE ratio of -3.20 and a beta of 1.99.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insider Buying and Selling

In other news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 358,149 shares of company stock worth $2,990,766 in the last 90 days. Insiders own 2.30% of the company’s stock.

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.