Amalgamated Bank Reduces Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Amalgamated Bank lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 105,034 shares of the oil and gas company’s stock after selling 1,719 shares during the quarter. Amalgamated Bank’s holdings in Patterson-UTI Energy were worth $868,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in shares of 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. Van ECK Associates Corp grew its stake in Patterson-UTI Energy by 31.2% in the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after buying an additional 1,743,241 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of Patterson-UTI Energy by 22.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company’s stock worth $2,138,000 after acquiring an additional 47,817 shares during the period. Ieq Capital LLC grew its position in shares of 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 valued at $360,000 after purchasing an additional 31,589 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Patterson-UTI Energy by 103.2% during the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after purchasing an additional 42,824 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Down 9.9 %

PTEN opened at $7.49 on Tuesday. 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 business’s fifty day simple moving average is $8.53 and its 200 day simple moving average is $8.32. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The stock has a market cap of $2.89 billion, a PE ratio of -3.03 and a beta of 2.06.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.27%. Patterson-UTI Energy’s dividend payout ratio is -12.96%.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 80,000 shares of the business’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 completion of the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on PTEN shares. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased 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 issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.63.

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.