Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL increased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) by 108.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,525 shares of the oil and gas company’s stock after purchasing an additional 39,883 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Patterson-UTI Energy were worth $1,059,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PTEN. Citigroup Inc. boosted its stake in shares of Patterson-UTI Energy by 2.2% in the first quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock valued at $3,283,000 after purchasing an additional 4,464 shares during the period. AlphaCrest Capital Management LLC purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at $187,000. Natixis Advisors L.P. purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at $460,000. MetLife Investment Management LLC boosted its stake in shares of Patterson-UTI Energy by 15.7% in the first quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock valued at $3,453,000 after purchasing an additional 30,250 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Patterson-UTI Energy by 1.5% in the first quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock valued at $9,311,000 after purchasing an additional 9,136 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley downgraded shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $20.00 to $17.00 in a research note on Tuesday, October 17th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Monday, November 13th. Raymond James cut their price target on shares of Patterson-UTI Energy from $23.00 to $21.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 9th. Piper Sandler cut their price target on shares of Patterson-UTI Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, November 13th. Finally, TheStreet raised shares of Patterson-UTI Energy from a “c+” rating to a “b-” rating in a report on Thursday, October 26th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $16.82.

Read Our Latest Report on PTEN

Patterson-UTI Energy Stock Down 1.4 %

Shares of NASDAQ:PTEN opened at $10.50 on Friday. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 7.95, a price-to-earnings-growth ratio of 0.23 and a beta of 2.24. Patterson-UTI Energy, Inc. has a 1-year low of $9.70 and a 1-year high of $16.17. The company’s fifty day moving average is $10.72 and its two-hundred day moving average is $12.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.19 and a current ratio of 1.37.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last issued its earnings results on Tuesday, November 7th. The oil and gas company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $978.20 million. Patterson-UTI Energy had a return on equity of 14.08% and a net margin of 8.49%. During the same period last year, the company posted $0.28 earnings per share. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post 1.16 EPS for the current year.

Insider Transactions at Patterson-UTI Energy

In other news, Director Tiffany Thom Cepak sold 15,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $11.78, for a total transaction of $176,700.00. Following the completion of the transaction, the director now owns 107,081 shares in the company, valued at $1,261,414.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Company Profile

(Free Report)

Patterson-UTI Energy, Inc, through its subsidiaries, provides 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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