Norges Bank Buys New Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Norges Bank purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,394,288 shares of the oil and gas company’s stock, valued at approximately $52,817,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. ARGA Investment Management LP increased its position in Patterson-UTI Energy by 421.0% during 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 buying an additional 8,254,137 shares in the last quarter. Pacer Advisors Inc. boosted its holdings 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 worth $182,518,000 after acquiring an additional 2,123,659 shares in the last quarter. Van ECK Associates Corp raised its position 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. State Street Corp raised its position in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Patterson-UTI Energy by 13.5% during the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after purchasing an additional 1,144,094 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This 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.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $5.66 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52 week low of $5.53 and a 52 week high of $12.65. The stock’s 50-day moving average price is $8.18 and its 200-day moving average price is $8.18. The stock has a market capitalization of $2.19 billion, a PE ratio of -2.29 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.65%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is currently -12.96%.

Analysts Set New Price Targets

PTEN has been the subject of several research reports. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.54.

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.