Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.6% during the third quarter, Holdings Channel reports. The firm owned 8,980,881 shares of the oil and gas company’s stock after buying an additional 478,064 shares during the period. Geode Capital Management LLC’s holdings in Patterson-UTI Energy were worth $68,717,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PTEN. Pacer Advisors Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $152,265,000. Ninepoint Partners LP bought a new stake in Patterson-UTI Energy during the 2nd quarter valued at $51,800,000. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the period. ARGA Investment Management LP boosted its position in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after acquiring an additional 1,792,655 shares during the period. Finally, Canoe Financial LP increased its holdings in shares of 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 valued at $11,850,000 after purchasing an additional 1,514,500 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of the company’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 transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent analyst reports. Barclays decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.71.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $7.68 on Friday. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The company has a 50-day moving average of $8.02 and a two-hundred day moving average of $8.87. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

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.