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 Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 347,542 shares of the oil and gas company’s stock after selling 45,995 shares during the period. Horizon Kinetics Asset Management LLC owned about 0.09% of Patterson-UTI Energy worth $2,871,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PTEN. WFA Asset Management Corp bought a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $27,000. Smartleaf Asset Management LLC grew its holdings in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Patterson-UTI Energy by 31.4% in 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 during the period. KBC Group NV grew its holdings in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the period. Finally, Kestra Investment Management LLC bought a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $85,000. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 358,149 shares of company stock worth $2,990,766. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $7.91 on Monday. 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 company has a market capitalization of $3.06 billion, a P/E ratio of -3.20 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The business’s 50-day moving average is $8.43 and its 200 day moving average is $8.22.

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 given a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.05%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Analysts Set New Price Targets

Several analysts recently commented on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus 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.