Geode Capital Management LLC Grows Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Geode Capital Management LLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,980,881 shares of the oil and gas company’s stock after acquiring an additional 478,064 shares during the quarter. Geode Capital Management LLC owned about 2.30% of Patterson-UTI Energy worth $68,717,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares during the last quarter. Covestor Ltd lifted its stake in shares of Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the period. Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% during 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 during the last quarter. nVerses Capital LLC purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $75,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in Patterson-UTI Energy by 47.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after acquiring an additional 3,221 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $7.68 on Friday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12. The business has a 50-day moving average of $8.02 and a 200-day moving average of $8.87. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Insider Activity

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

PTEN has been the topic of several analyst reports. Raymond James decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. Morgan Stanley dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, ATB Capital dropped their price target 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 Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.71.

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.