Natixis Advisors LLC Decreases Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Natixis Advisors LLC lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 93.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,312 shares of the oil and gas company’s stock after selling 543,678 shares during the period. Natixis Advisors LLC’s holdings in Patterson-UTI Energy were worth $325,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Mutual of America Capital Management LLC lifted its holdings in Patterson-UTI Energy by 5.8% in the 3rd quarter. Mutual of America Capital Management LLC now owns 53,795 shares of the oil and gas company’s stock worth $412,000 after buying an additional 2,955 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Patterson-UTI Energy by 9.4% in the third quarter. Thrivent Financial for Lutherans now owns 280,879 shares of the oil and gas company’s stock worth $2,149,000 after acquiring an additional 24,107 shares in the last quarter. Swiss National Bank boosted its holdings in Patterson-UTI Energy by 3.1% in the third quarter. Swiss National Bank now owns 744,988 shares of the oil and gas company’s stock valued at $5,699,000 after purchasing an additional 22,500 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Patterson-UTI Energy by 6.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company’s stock valued at $359,000 after purchasing an additional 2,730 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Patterson-UTI Energy by 10.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock worth $41,540,000 after purchasing an additional 494,250 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director James Carl Stewart sold 48,149 shares of the firm’s 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 transaction, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This trade 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 the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly 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 position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PTEN. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Morgan Stanley decreased their price objective 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. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.54.

Patterson-UTI Energy Stock Down 2.2 %

Shares of Patterson-UTI Energy stock opened at $8.38 on Friday. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -3.39 and a beta of 1.99. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. 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 simple moving average is $8.35 and its 200-day simple moving average is $8.20.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is -12.96%.

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.