Hsbc Holdings PLC Sells 99,263 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hsbc Holdings PLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 54.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,097 shares of the oil and gas company's stock after selling 99,263 shares during the quarter. Hsbc Holdings PLC's holdings in Patterson-UTI Energy were worth $680,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ARGA Investment Management LP grew its position in Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company's stock worth $84,375,000 after buying an additional 8,254,137 shares in the last quarter. Norges Bank bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth $52,817,000. Pacer Advisors Inc. raised 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 purchasing an additional 2,123,659 shares in the last quarter. Van ECK Associates Corp lifted its position in 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 worth $60,477,000 after purchasing an additional 1,743,241 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Patterson-UTI Energy by 693.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company's stock worth $16,105,000 after buying an additional 1,704,087 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business's stock in a transaction 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 owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PTEN. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Barclays dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. 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 report on Monday, April 14th. Finally, The Goldman Sachs Group dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $10.32.

Patterson-UTI Energy Trading Up 2.6 %

PTEN stock traded up $0.15 during mid-day trading on Friday, reaching $5.99. The company's stock had a trading volume of 10,508,839 shares, compared to its average volume of 9,206,207. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The business's 50 day moving average price is $6.83 and its 200 day moving average price is $7.78. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $0.15 earnings per share. The business's revenue was down 15.2% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.34%. Patterson-UTI Energy's payout ratio is -12.31%.

Patterson-UTI Energy Company 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.