Edmond DE Rothschild Holding S.A. Acquires 100,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edmond DE Rothschild Holding S.A. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 5.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,100,000 shares of the oil and gas company's stock after acquiring an additional 100,000 shares during the period. Edmond DE Rothschild Holding S.A. owned about 0.54% of Patterson-UTI Energy worth $17,346,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. ARGA Investment Management LP lifted its holdings in shares of Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after purchasing an additional 8,254,137 shares during the last quarter. Norges Bank bought a new stake in Patterson-UTI Energy in the fourth quarter valued at $52,817,000. Pacer Advisors Inc. lifted its stake in Patterson-UTI Energy by 10.6% in the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company's stock valued at $182,518,000 after buying an additional 2,123,659 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock valued at $60,477,000 after acquiring an additional 1,743,241 shares during the period. Finally, State Street Corp grew its position in shares of 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 worth $118,080,000 after acquiring an additional 1,352,840 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analysts Set New Price Targets

Several analysts recently weighed in on PTEN shares. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price target for the company from $11.00 to $10.00 in a report on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus cut their target price on 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.54.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy Trading Down 19.1 %

NASDAQ PTEN traded down $1.64 on Thursday, hitting $6.93. 10,403,862 shares of the company were exchanged, compared to its average volume of 8,341,096. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. Patterson-UTI Energy, Inc. has a twelve month low of $6.87 and a twelve month high of $12.65. The firm has a market capitalization of $2.68 billion, a P/E ratio of -2.80 and a beta of 1.99. The company's 50 day moving average price is $8.28 and its 200-day moving average price is $8.21.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.62%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

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.