ARGA Investment Management LP Buys 8,254,137 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 421.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,214,860 shares of the oil and gas company’s stock after purchasing an additional 8,254,137 shares during the quarter. Patterson-UTI Energy comprises about 2.8% of ARGA Investment Management LP’s portfolio, making the stock its 16th biggest position. ARGA Investment Management LP’s holdings in Patterson-UTI Energy were worth $84,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. State Street Corp boosted its position in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares during the last quarter. Stifel Financial Corp boosted its holdings in Patterson-UTI Energy by 103.2% in the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after acquiring an additional 42,824 shares during the last quarter. Grace & White Inc. NY increased its position in Patterson-UTI Energy by 668.6% in the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after purchasing an additional 243,368 shares during the period. Signaturefd LLC raised its holdings in Patterson-UTI Energy by 64.5% during the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after purchasing an additional 7,432 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after purchasing an additional 95,289 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Barclays cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Citigroup decreased their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One equities 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’s stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.21 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $8.26 and a 200 day simple moving average of $8.46. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of the company’s 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 completion of the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

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.