KBC Group NV Purchases 7,705 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

KBC Group NV increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 69.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,749 shares of the oil and gas company’s stock after acquiring an additional 7,705 shares during the period. KBC Group NV’s holdings in Patterson-UTI Energy were worth $155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PTEN. Pacer Advisors Inc. grew its stake in Patterson-UTI Energy by 35.9% in the 3rd quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after purchasing an additional 5,275,525 shares during the period. ARGA Investment Management LP grew its position in Patterson-UTI Energy by 1,066.6% during the third quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after buying an additional 1,792,655 shares during the period. Canoe Financial LP increased its holdings in Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after buying an additional 1,514,500 shares during the last quarter. State Street Corp raised its position 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 acquiring an additional 1,352,840 shares during the period. Finally, Cerity Partners LLC boosted its stake in Patterson-UTI Energy by 82.7% in the third quarter. Cerity Partners LLC now owns 1,338,844 shares of the oil and gas company’s stock valued at $10,242,000 after acquiring an additional 606,054 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTEN has been the subject of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. The Goldman Sachs Group raised 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 research report on Friday, December 13th. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report 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, Barclays dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.38 on Friday. The company’s 50-day moving average price is $8.25 and its 200-day moving average price is $8.46. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -3.83 and a beta of 2.06.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.82%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

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.