Wedge Capital Management L L P NC raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 13.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,297 shares of the oil and gas company’s stock after purchasing an additional 3,089 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Patterson-UTI Energy were worth $414,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of PTEN. CI Investments Inc. acquired a new position in shares of Patterson-UTI Energy in the first quarter worth approximately $39,000. Advisor Group Holdings Inc. boosted its stake in shares of Patterson-UTI Energy by 38.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 1,342 shares during the last quarter. AlphaCrest Capital Management LLC bought a new position in Patterson-UTI Energy during the first quarter worth $187,000. Ellevest Inc. lifted its holdings in Patterson-UTI Energy by 83.4% in the first quarter. Ellevest Inc. now owns 12,467 shares of the oil and gas company’s stock valued at $193,000 after buying an additional 5,670 shares during the period. Finally, Journey Strategic Wealth LLC bought a new stake in Patterson-UTI Energy during the fourth quarter valued at $106,000. 99.72% of the stock is currently owned by institutional investors.
In other news, insider James Michael Holcomb sold 8,333 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $16.31, for a total value of $135,911.23. Following the completion of the transaction, the insider now directly owns 356,442 shares of the company’s stock, valued at $5,813,569.02. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $13.76, for a total value of $1,376,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,801,374 shares of the company’s stock, valued at $24,786,906.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider James Michael Holcomb sold 8,333 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $16.31, for a total value of $135,911.23. Following the completion of the transaction, the insider now directly owns 356,442 shares of the company’s stock, valued at $5,813,569.02. The disclosure for this sale can be found here. Insiders sold a total of 116,666 shares of company stock valued at $1,645,239 over the last three months. Corporate insiders own 2.70% of the company’s stock.
Patterson-UTI Energy Stock Performance
Patterson-UTI Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio is currently -7.44%.
Analysts Set New Price Targets
PTEN has been the topic of a number of recent analyst reports. Piper Sandler downgraded Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $21.00 to $22.75 in a research note on Tuesday, May 31st. They noted that the move was a valuation call. Susquehanna boosted their price objective on Patterson-UTI Energy from $20.00 to $23.00 in a research note on Wednesday, June 8th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price objective on the stock in a research note on Thursday, May 26th. Atb Cap Markets downgraded Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 7th. Finally, Citigroup boosted their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, July 6th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.93.
Patterson-UTI Energy Profile
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.
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