Mutual of America Capital Management LLC Raises Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Mutual of America Capital Management LLC raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,997 shares of the oil and gas company’s stock after acquiring an additional 1,607 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Patterson-UTI Energy were worth $480,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PTEN. New York State Teachers Retirement System lifted its stake in Patterson-UTI Energy by 2.0% in the fourth quarter. New York State Teachers Retirement System now owns 304,317 shares of the oil and gas company’s stock worth $2,571,000 after acquiring an additional 5,900 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Patterson-UTI Energy in the fourth quarter worth approximately $89,000. Exane Derivatives purchased a new position in Patterson-UTI Energy in the fourth quarter worth approximately $35,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $55,647,000. Finally, Yousif Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $1,760,000. Hedge funds and other institutional investors own 95.14% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, SVP Seth David Wexler sold 60,000 shares of the business’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $17.00, for a total transaction of $1,020,000.00. Following the sale, the senior vice president now directly owns 323,417 shares in the company, valued at approximately $5,498,089. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Seth David Wexler sold 60,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $17.00, for a total value of $1,020,000.00. Following the sale, the senior vice president now directly owns 323,417 shares in the company, valued at approximately $5,498,089. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the completion of the sale, the chief executive officer now owns 2,201,374 shares in the company, valued at $31,633,744.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 543,333 shares of company stock worth $8,934,161. Corporate insiders own 2.70% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $16.55 on Monday. The firm has a market capitalization of $3.58 billion, a P/E ratio of -5.91 and a beta of 2.35. Patterson-UTI Energy, Inc. has a one year low of $6.44 and a one year high of $20.53. The company’s fifty day moving average is $16.03 and its two-hundred day moving average is $14.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.35.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.16 annualized dividend and a dividend yield of 0.97%. Patterson-UTI Energy’s payout ratio is currently -5.71%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PTEN shares. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $21.00 to $22.75 in a research report on Tuesday, May 31st. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price objective for the company in a research report on Thursday, May 26th. Bank of America downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $13.50 in a research report on Friday, July 15th. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Atb Cap Markets cut shares of Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a report on Thursday, July 7th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and a consensus target price of $19.43.

Patterson-UTI Energy Company Profile

(Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore 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.

See Also

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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