Principal Financial Group Inc. Cuts Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Principal Financial Group Inc. trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,844,347 shares of the oil and gas company’s stock after selling 323,524 shares during the period. Principal Financial Group Inc.’s holdings in Patterson-UTI Energy were worth $40,014,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PTEN. ARGA Investment Management LP grew its stake 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 valued at $84,375,000 after acquiring an additional 8,254,137 shares in the last quarter. Pacer Advisors Inc. grew its stake in Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after acquiring an additional 5,275,525 shares in the last quarter. Van ECK Associates Corp grew its stake 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 valued at $60,477,000 after acquiring an additional 1,743,241 shares in the last quarter. Canoe Financial LP grew its stake in Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock valued at $11,850,000 after acquiring an additional 1,514,500 shares in the last quarter. Finally, State Street Corp lifted its position in Patterson-UTI Energy by 9.6% during the third 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. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.34 on Friday. The firm has a market capitalization of $3.22 billion, a PE ratio of -3.38 and a beta of 2.06. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The firm has a 50-day moving average price of $8.46 and a 200-day moving average price of $8.36. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Wall Street Analysts Forecast Growth

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 company from $11.00 to $10.00 in a research report on Friday, December 13th. Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Stifel Nicolaus lowered their price objective 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. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’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 transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

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.