Swiss National Bank Sells 1,500 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Swiss National Bank reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 507,100 shares of the oil and gas company’s stock after selling 1,500 shares during the period. Swiss National Bank owned 0.23% of Patterson-UTI Energy worth $7,992,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PTEN. CI Investments Inc. purchased a new stake in Patterson-UTI Energy during the first quarter worth about $39,000. Xponance Inc. purchased a new stake in Patterson-UTI Energy during the second quarter worth about $183,000. AlphaCrest Capital Management LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth about $187,000. Perennial Investment Advisors LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth about $219,000. Finally, Ethic Inc. purchased a new stake in Patterson-UTI Energy during the first quarter worth about $220,000. 99.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PTEN. Piper Sandler lifted their target price on shares of Patterson-UTI Energy to $24.00 in a research note on Tuesday, November 1st. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, November 1st. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a research note on Thursday, November 10th. Morgan Stanley lifted their target price on shares of Patterson-UTI Energy from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 1st. Finally, Barclays lifted their target price on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, October 28th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Patterson-UTI Energy Trading Down 3.9 %

Shares of Patterson-UTI Energy stock opened at $17.85 on Tuesday. Patterson-UTI Energy, Inc. has a 1 year low of $6.70 and a 1 year high of $20.53. The firm has a market cap of $3.87 billion, a PE ratio of -12.48 and a beta of 2.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.55 and a quick ratio of 1.43. The company has a 50 day simple moving average of $15.35 and a two-hundred day simple moving average of $15.54.

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, November 30th. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.04. This represents a $0.32 annualized dividend and a yield of 1.79%. Patterson-UTI Energy’s payout ratio is presently -11.19%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, insider James Michael Holcomb sold 16,666 shares of the business’s stock in a transaction that occurred on Wednesday, October 26th. The shares were sold at an average price of $16.01, for a total value of $266,822.66. Following the completion of the sale, the insider now directly owns 331,443 shares in the company, valued at approximately $5,306,402.43. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.

Patterson-UTI Energy Profile

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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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