Oppenheimer Asset Management Inc. Buys Shares of 12,721 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Oppenheimer Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 12,721 shares of the oil and gas company’s stock, valued at approximately $176,000.

A number of other hedge funds also recently made changes to their positions in the company. C M Bidwell & Associates Ltd. increased its stake in shares of Patterson-UTI Energy by 8.3% in the second quarter. C M Bidwell & Associates Ltd. now owns 8,872 shares of the oil and gas company’s stock worth $106,000 after buying an additional 680 shares during the last quarter. CWM LLC raised its holdings in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after buying an additional 791 shares during the period. Gamco Investors INC. ET AL increased its holdings in shares of Patterson-UTI Energy by 2.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock valued at $628,000 after purchasing an additional 906 shares during the period. Ellevest Inc. increased its holdings in shares of Patterson-UTI Energy by 3.0% in the 2nd quarter. Ellevest Inc. now owns 33,694 shares of the oil and gas company’s stock valued at $403,000 after purchasing an additional 996 shares during the period. Finally, Captrust Financial Advisors increased its holdings in shares of Patterson-UTI Energy by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 23,229 shares of the oil and gas company’s stock valued at $271,000 after purchasing an additional 1,004 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

PTEN has been the subject of several recent research reports. Susquehanna lowered their price target on Patterson-UTI Energy from $18.00 to $16.00 and set a “positive” rating for the company in a research note on Thursday, November 9th. Raymond James lowered their price target on Patterson-UTI Energy from $23.00 to $21.00 and set a “strong-buy” rating for the company in a research note on Thursday, November 9th. Bank of America raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $16.00 in a research note on Monday, October 16th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 13th. Finally, Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.82.

View Our Latest Research Report on PTEN

Insider Transactions at Patterson-UTI Energy

In other news, Director Tiffany Thom Cepak sold 15,000 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $11.78, for a total value of $176,700.00. Following the sale, the director now owns 107,081 shares in the company, valued at $1,261,414.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Trading Down 1.4 %

Shares of Patterson-UTI Energy stock opened at $10.50 on Monday. The company’s fifty day simple moving average is $10.72 and its 200-day simple moving average is $12.70. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 0.23 and a beta of 2.24. The company has a current ratio of 1.37, a quick ratio of 1.19 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 1 year low of $9.70 and a 1 year high of $16.17.

Patterson-UTI Energy 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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