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

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

A number of other institutional investors have also added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its stake 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 valued at $47,000 after buying an additional 1,358 shares during the period. CIBC Asset Management Inc grew its holdings in Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after acquiring an additional 1,501 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Patterson-UTI Energy by 10.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after acquiring an additional 1,879 shares during the period. Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 1,901 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 6.2% during the third quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock worth $359,000 after purchasing an additional 2,730 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PTEN shares. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Citigroup reduced their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Barclays lowered 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 note on Wednesday, October 16th. 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 company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Price Performance

PTEN stock opened at $8.38 on Friday. 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 company’s 50-day moving average is $8.25 and its 200-day moving average is $8.46. The stock has a market capitalization of $3.27 billion, a PE ratio of -3.83 and a beta of 2.06. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65.

Patterson-UTI Energy Announces Dividend

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

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

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.