Kahn Brothers Group Inc. Sells 249,658 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Kahn Brothers Group Inc. cut its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,996,371 shares of the oil and gas company's stock after selling 249,658 shares during the period. Patterson-UTI Energy accounts for approximately 3.5% of Kahn Brothers Group Inc.'s portfolio, making the stock its 13th largest position. Kahn Brothers Group Inc. owned 0.51% of Patterson-UTI Energy worth $16,490,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. ARGA Investment Management LP increased its position in shares of 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 valued at $84,375,000 after acquiring an additional 8,254,137 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Patterson-UTI Energy by 89.1% in the fourth 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 acquiring an additional 7,989,877 shares in the last quarter. Norges Bank bought a new position in Patterson-UTI Energy in the 4th quarter worth approximately $52,817,000. Pacer Advisors Inc. boosted its holdings in shares of Patterson-UTI Energy by 10.6% during 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. Finally, Freestone Grove Partners LP bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $14,403,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Up 2.6 %

Shares of PTEN opened at $5.99 on Friday. The stock's 50-day moving average price is $6.80 and its 200-day moving average price is $7.77. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -2.43 and a beta of 1.33. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced 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. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy's revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 EPS. On average, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business 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 dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.34%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several recent research reports. The Goldman Sachs Group decreased 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 report on Thursday, April 10th. Morgan Stanley decreased 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 research note on Thursday, March 27th. Susquehanna dropped their price objective on shares of 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. Barclays cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Finally, 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 research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and an average target price of $10.32.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company'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 acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. 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.

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