ARGA Investment Management LP Purchases 8,254,137 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

ARGA Investment Management LP raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 421.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,214,860 shares of the oil and gas company's stock after purchasing an additional 8,254,137 shares during the quarter. Patterson-UTI Energy accounts for approximately 2.8% of ARGA Investment Management LP's holdings, making the stock its 16th largest holding. ARGA Investment Management LP owned 2.62% of Patterson-UTI Energy worth $84,375,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its holdings in shares of 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 buying an additional 5,275,525 shares during the last quarter. Canoe Financial LP lifted its position in shares of Patterson-UTI Energy by 15,942.1% in 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 buying an additional 1,514,500 shares during the last quarter. State Street Corp raised its holdings in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company's stock valued at $118,080,000 after acquiring an additional 1,352,840 shares during the period. Cerity Partners LLC raised its holdings in Patterson-UTI Energy by 82.7% in the 3rd 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 period. Finally, Principal Financial Group Inc. raised its holdings in Patterson-UTI Energy by 12.1% in the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company's stock valued at $39,535,000 after acquiring an additional 559,859 shares during the period. Institutional investors own 97.91% of the company's stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now directly owns 32,438 shares of the company's stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PTEN shares. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. StockNews.com cut shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Stifel Nicolaus decreased their price target 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. Barclays cut their target price on 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. Finally, Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research report on Friday, October 11th. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.63.

Patterson-UTI Energy Trading Up 2.9 %

Shares of NASDAQ:PTEN traded up $0.24 during midday trading on Friday, hitting $8.62. 11,733,659 shares of the stock were exchanged, compared to its average volume of 9,071,969. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of -3.49 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The business's 50-day moving average price is $8.26 and its 200 day moving average price is $8.45. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.71%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy's payout ratio is presently -12.96%.

About Patterson-UTI Energy

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.