Allspring Global Investments Holdings LLC Lowers Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Allspring Global Investments Holdings LLC lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,326,590 shares of the oil and gas company’s stock after selling 357,585 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Patterson-UTI Energy were worth $45,436,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PTEN. Creative Planning boosted its position in Patterson-UTI Energy by 101.4% in the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock worth $996,000 after purchasing an additional 65,570 shares in the last quarter. nVerses Capital LLC purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $75,000. AlphaMark Advisors LLC purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $272,000. Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. Finally, Grace & White Inc. NY boosted its position in Patterson-UTI Energy by 668.6% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

PTEN has been the topic of several recent research reports. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Citigroup reduced their target price 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. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Stock Up 4.0 %

NASDAQ PTEN opened at $9.08 on Friday. The business has a fifty day moving average price of $8.32 and a 200 day moving average price of $8.41. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The company has a market cap of $3.54 billion, a P/E ratio of -3.68 and a beta of 2.06.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.52%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Patterson-UTI Energy Company 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.