Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Cut by Natixis Advisors LLC

Natixis Advisors LLC lessened its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 93.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,312 shares of the oil and gas company’s stock after selling 543,678 shares during the period. Natixis Advisors LLC’s holdings in Patterson-UTI Energy were worth $325,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PTEN. ARGA Investment Management LP grew its holdings in Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the period. Pacer Advisors Inc. grew its stake in shares of Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of 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 worth $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. State Street Corp lifted its stake in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $6,029,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $8.38 on Friday. The firm has a 50 day simple moving average of $8.35 and a 200 day simple moving average of $8.20. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65. The stock has a market cap of $3.24 billion, a P/E ratio of -3.39 and a beta of 1.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Analyst Ratings Changes

Several research analysts have issued reports on PTEN shares. Morgan Stanley cut their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One research 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.54.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This trade represents 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 company insiders.

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.