Citigroup Inc. lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 58.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 201,253 shares of the oil and gas company’s stock after selling 288,728 shares during the period. Citigroup Inc. owned 0.10% of Patterson-UTI Energy worth $2,785,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. raised its stake in shares of Patterson-UTI Energy by 20.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,559,482 shares of the oil and gas company’s stock valued at $35,424,000 after acquiring an additional 425,975 shares in the last quarter. Texas Permanent School Fund Corp grew its position in shares of Patterson-UTI Energy by 48.5% during the 3rd quarter. Texas Permanent School Fund Corp now owns 272,207 shares of the oil and gas company’s stock worth $3,767,000 after buying an additional 88,848 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in shares of Patterson-UTI Energy by 38.1% during the third quarter. Mutual of America Capital Management LLC now owns 56,176 shares of the oil and gas company’s stock valued at $777,000 after buying an additional 15,503 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in shares of Patterson-UTI Energy during the third quarter valued at $2,830,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $3,153,000. Institutional investors own 97.91% of the company’s stock.
Insider Buying and Selling at Patterson-UTI Energy
In other news, Director Tiffany Thom Cepak sold 15,000 shares of Patterson-UTI Energy stock in a transaction on Friday, December 1st. The shares were sold at an average price of $11.78, for a total transaction of $176,700.00. Following the completion of the sale, the director now directly owns 107,081 shares in the company, valued at $1,261,414.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research analysts have commented on PTEN shares. Piper Sandler cut their target price on shares of Patterson-UTI Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, November 13th. Barclays reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Tuesday, November 14th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, November 13th. TheStreet raised Patterson-UTI Energy from a “c+” rating to a “b-” rating in a research report on Thursday, October 26th. Finally, Evercore ISI dropped their price objective on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.33.
View Our Latest Stock Report on Patterson-UTI Energy
Patterson-UTI Energy Price Performance
Shares of NASDAQ PTEN opened at $11.84 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The company has a market cap of $4.94 billion, a PE ratio of 11.72, a P/E/G ratio of 0.32 and a beta of 2.24. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.19 and a current ratio of 1.37. The business has a 50-day simple moving average of $10.77 and a two-hundred day simple moving average of $12.48.
Patterson-UTI Energy Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, March 1st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
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