KLCM Advisors Inc. Decreases Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

KLCM Advisors Inc. trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 972,842 shares of the oil and gas company’s stock after selling 37,708 shares during the period. KLCM Advisors Inc. owned about 0.25% of Patterson-UTI Energy worth $8,036,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTEN. Pacer Advisors Inc. grew its holdings in Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the period. State Street Corp grew its stake in shares of Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after acquiring an additional 1,352,840 shares during the period. ARGA Investment Management LP increased its holdings in Patterson-UTI Energy by 421.0% in the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the last quarter. Geode Capital Management LLC raised its stake in Patterson-UTI Energy by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after acquiring an additional 478,064 shares during the period. Finally, Van ECK Associates Corp lifted its holdings 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 purchasing an additional 1,743,241 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

PTEN stock opened at $8.92 on Monday. The company’s 50 day moving average is $8.35 and its 200 day moving average is $8.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PTEN shares. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Royal Bank of Canada reduced their price target on 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. Finally, Citigroup dropped their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

About Patterson-UTI Energy

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.