KBC Group NV Increases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

KBC Group NV raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,044 shares of the oil and gas company’s stock after acquiring an additional 1,723 shares during the quarter. KBC Group NV’s holdings in Patterson-UTI Energy were worth $84,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PTEN. InTrack Investment Management Inc grew its holdings in Patterson-UTI Energy by 3.2% during the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after purchasing an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the last quarter. Sage Rhino Capital LLC grew its stake in shares of Patterson-UTI Energy by 15.8% during the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Patterson-UTI Energy by 10.6% during the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after acquiring an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.68 on Friday. The company has a market cap of $3.38 billion, a P/E ratio of -3.96 and a beta of 2.12. The business has a 50 day moving average of $8.11 and a two-hundred day moving average of $9.29. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.69%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of recent analyst reports. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Barclays dropped their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Finally, Citigroup reduced their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

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.