Bessemer Group Inc. Boosts Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bessemer Group Inc. grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,748,421 shares of the oil and gas company's stock after purchasing an additional 77,227 shares during the period. Bessemer Group Inc. owned about 0.45% of Patterson-UTI Energy worth $14,371,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PTEN. Northern Trust Corp grew its holdings in shares of Patterson-UTI Energy by 4.1% in the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after purchasing an additional 170,417 shares in the last quarter. Victory Capital Management Inc. boosted its position in Patterson-UTI Energy by 30.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock valued at $9,472,000 after buying an additional 265,714 shares during the period. Lighthouse Investment Partners LLC acquired a new position in shares of Patterson-UTI Energy in the fourth quarter worth $3,717,000. Versor Investments LP increased its position in shares of Patterson-UTI Energy by 53.0% during the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company's stock worth $1,453,000 after acquiring an additional 60,900 shares during the period. Finally, Ritholtz Wealth Management purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $153,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Citigroup reiterated a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research note on Monday, May 19th. The Goldman Sachs Group cut their target price on shares of 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. Barclays dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. reduced their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $9.50.

Patterson-UTI Energy Trading Up 0.3%

Shares of PTEN stock traded up $0.02 during mid-day trading on Monday, reaching $5.93. The company's stock had a trading volume of 7,977,745 shares, compared to its average volume of 10,059,266. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.29 billion, a PE ratio of -2.28 and a beta of 1.31. The company's 50 day simple moving average is $5.95 and its 200-day simple moving average is $7.23. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $11.27.

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 the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $0.15 earnings per share. The firm's revenue was down 15.2% compared to the same quarter last year. On average, research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director owned 999,754 shares of the company's stock, valued at $5,978,528.92. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.30% of the company's stock.

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.