Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 5.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,349,437 shares of the oil and gas company’s stock after selling 84,935 shares during the period. Principal Financial Group Inc.’s holdings in Patterson-UTI Energy were worth $21,267,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PTEN. CI Investments Inc. acquired a new position in Patterson-UTI Energy during the first quarter worth $39,000. Xponance Inc. acquired a new position in Patterson-UTI Energy during the second quarter worth $183,000. AlphaCrest Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $187,000. Perennial Investment Advisors LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $219,000. Finally, Ethic Inc. purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $220,000. 99.72% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 0.1 %

Shares of PTEN opened at $18.58 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.55 and a quick ratio of 1.43. Patterson-UTI Energy, Inc. has a 12-month low of $6.70 and a 12-month high of $20.53. The firm has a 50-day moving average price of $15.30 and a 200 day moving average price of $15.53.

Patterson-UTI Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a $0.08 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.72%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.04. Patterson-UTI Energy’s dividend payout ratio is currently -11.19%.

Analyst Ratings Changes

PTEN has been the subject of a number of research reports. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a report on Thursday, November 10th. Piper Sandler upped their target price on shares of Patterson-UTI Energy to $24.00 in a report on Tuesday, November 1st. StockNews.com raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, November 1st. Barclays upped their target price on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 28th. Finally, Morgan Stanley upped their target price on shares of Patterson-UTI Energy from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, November 1st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 8,333 shares of the stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $16.00, for a total transaction of $133,328.00. Following the completion of the transaction, the insider now owns 348,109 shares of the company’s stock, valued at $5,569,744. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 83,334 shares of company stock valued at $1,488,098. 2.70% of the stock is owned by company insiders.

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.

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

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