Mitsubishi UFJ Trust & Banking Corp Trims Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Mitsubishi UFJ Trust & Banking Corp lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 57.5% during the second quarter, Holdings Channel.com reports. The firm owned 15,593 shares of the oil and gas company’s stock after selling 21,088 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Patterson-UTI Energy were worth $246,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CI Investments Inc. purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $39,000. Advisor Group Holdings Inc. raised its holdings in shares of Patterson-UTI Energy by 18.2% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,730 shares of the oil and gas company’s stock valued at $19,956,000 after buying an additional 881 shares during the period. Xponance Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth $183,000. AlphaCrest Capital Management LLC acquired a new position in Patterson-UTI Energy during the 1st quarter worth $187,000. Finally, Janney Montgomery Scott LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth $225,000. Hedge funds and other institutional investors own 99.72% of the company’s stock.

Patterson-UTI Energy Stock Down 2.5 %

Shares of NASDAQ PTEN opened at $18.05 on Thursday. The stock has a market cap of $3.91 billion, a PE ratio of -12.62 and a beta of 2.39. The company has a quick ratio of 1.43, a current ratio of 1.55 and a debt-to-equity ratio of 0.52. Patterson-UTI Energy, Inc. has a 52-week low of $6.70 and a 52-week high of $20.53. The business has a 50-day moving average price of $15.48 and a 200 day moving average price of $15.57.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.04. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.77%. Patterson-UTI Energy’s dividend payout ratio is -11.19%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 16,666 shares of the company’s stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $16.01, for a total transaction of $266,822.66. Following the completion of the sale, the insider now directly owns 331,443 shares of the company’s stock, valued at approximately $5,306,402.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.70% of the company’s stock.

Patterson-UTI Energy 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.

Further Reading

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

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