Bessemer Group Inc. Buys 1,670,951 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bessemer Group Inc. grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 687,634.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,671,194 shares of the oil and gas company’s stock after purchasing an additional 1,670,951 shares during the period. Bessemer Group Inc. owned about 0.43% of Patterson-UTI Energy worth $13,804,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $39,000. Smartleaf Asset Management LLC grew its position in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now directly owns 1,549,081 shares in the company, 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. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $5.59 on Friday. The firm has a fifty day moving average of $7.90 and a two-hundred day moving average of $8.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -2.26 and a beta of 1.60. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $12.16.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 5.72%. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PTEN shares. Raymond James lowered 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 reduced their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday. Morgan Stanley lowered 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 research report on Thursday, March 27th. Finally, Stifel Nicolaus reduced their target price on shares of 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

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.