Great West Life Assurance Co. Can Has $3.35 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Great West Life Assurance Co. Can increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) by 28.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 287,313 shares of the oil and gas company’s stock after purchasing an additional 63,149 shares during the period. Great West Life Assurance Co. Can owned approximately 0.13% of Patterson-UTI Energy worth $3,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC lifted its position in Patterson-UTI Energy by 10.9% during the 3rd quarter. Jennison Associates LLC now owns 4,746,249 shares of the oil and gas company’s stock worth $55,436,000 after buying an additional 465,518 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Patterson-UTI Energy during the 3rd quarter worth about $707,000. State of New Jersey Common Pension Fund D lifted its position in Patterson-UTI Energy by 14.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 163,946 shares of the oil and gas company’s stock worth $1,915,000 after buying an additional 20,167 shares in the last quarter. CWM LLC lifted its position in Patterson-UTI Energy by 194.6% during the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock worth $26,000 after buying an additional 1,469 shares in the last quarter. Finally, Wipfli Financial Advisors LLC bought a new stake in Patterson-UTI Energy during the 3rd quarter worth about $170,000. 96.57% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 58,335 shares of the stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $18.65, for a total transaction of $1,087,947.75. Following the transaction, the insider now owns 273,108 shares in the company, valued at approximately $5,093,464.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Tuesday, January 17th. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a report on Thursday, November 10th. Raymond James assumed coverage on shares of Patterson-UTI Energy in a report on Friday, December 9th. They issued a “strong-buy” rating on the stock. StockNews.com raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, November 1st. Finally, Barclays upped their target price on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 28th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.17.

Patterson-UTI Energy Stock Up 0.8 %

Shares of PTEN opened at $16.25 on Wednesday. Patterson-UTI Energy, Inc. has a 52 week low of $9.40 and a 52 week high of $20.53. The firm has a market cap of $3.52 billion, a P/E ratio of -11.36 and a beta of 2.33. The firm’s 50-day simple moving average is $16.92 and its 200 day simple moving average is $15.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.43 and a current ratio of 1.55.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its earnings results on Wednesday, October 26th. The oil and gas company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.09. Patterson-UTI Energy had a negative net margin of 13.21% and a negative return on equity of 2.60%. The firm had revenue of $727.50 million for the quarter, compared to analyst estimates of $683.88 million. On average, analysts forecast that Patterson-UTI Energy, Inc. will post 0.64 earnings per share for the current year.

Patterson-UTI Energy Company 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.