Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 200.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,069,537 shares of the oil and gas company's stock after purchasing an additional 713,824 shares during the period. BNP Paribas Financial Markets owned approximately 0.27% of Patterson-UTI Energy worth $8,834,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Pacer Advisors Inc. lifted 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 valued at $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 89.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after purchasing an additional 7,989,877 shares during the last quarter. ARGA Investment Management LP lifted its stake 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 valued at $84,375,000 after purchasing an additional 8,254,137 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Patterson-UTI Energy by 13.5% in the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock valued at $79,597,000 after purchasing an additional 1,144,094 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake 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 valued at $60,477,000 after purchasing an additional 1,743,241 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction dated 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 approximately $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. Insiders sold a total of 283,649 shares of company stock valued at $2,434,856 in the last three months. 2.40% of the stock is currently owned by company insiders.

Patterson-UTI Energy Stock Down 1.4%

Shares of PTEN traded down $0.09 during mid-day trading on Wednesday, reaching $6.28. The company's stock had a trading volume of 10,716,267 shares, compared to its average volume of 9,338,070. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.70. The stock has a market cap of $2.42 billion, a PE ratio of -2.54 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company's 50 day moving average is $6.74 and its 200 day moving average is $7.73.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the business posted $0.15 EPS. The business's revenue for the quarter was down 15.2% on a year-over-year basis. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.10%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PTEN shares. The Goldman Sachs Group decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Susquehanna decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Barclays decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Finally, Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $10.32.

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.