Victory Capital Management Inc. Acquires 31,283 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Victory Capital Management Inc. raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) by 62.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,424 shares of the oil and gas company’s stock after purchasing an additional 31,283 shares during the period. Victory Capital Management Inc.’s holdings in Patterson-UTI Energy were worth $1,127,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PTEN. Principal Financial Group Inc. boosted its position in shares of Patterson-UTI Energy by 397.2% during the third quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after purchasing an additional 4,699,682 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Patterson-UTI Energy by 9.2% during the first quarter. Vanguard Group Inc. now owns 23,989,159 shares of the oil and gas company’s stock worth $371,352,000 after acquiring an additional 2,013,253 shares in the last quarter. Bank of America Corp DE grew its stake in Patterson-UTI Energy by 122.4% in the first quarter. Bank of America Corp DE now owns 3,042,653 shares of the oil and gas company’s stock valued at $35,599,000 after acquiring an additional 1,674,852 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Patterson-UTI Energy by 10,062.4% in the second quarter. Point72 Asset Management L.P. now owns 1,645,088 shares of the oil and gas company’s stock worth $19,692,000 after acquiring an additional 1,628,900 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Patterson-UTI Energy by 84.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,474,419 shares of the oil and gas company’s stock worth $53,784,000 after acquiring an additional 1,589,050 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In related news, Director Tiffany Thom Cepak sold 15,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was 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 directly owns 107,081 shares of the company’s stock, valued at $1,261,414.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.46 on Tuesday. The stock has a 50 day moving average price of $10.69 and a 200 day moving average price of $12.66. Patterson-UTI Energy, Inc. has a 52 week low of $9.70 and a 52 week high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.19 and a current ratio of 1.37. The stock has a market capitalization of $4.36 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 0.23 and a beta of 2.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PTEN shares. 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 report on Thursday, November 9th. Piper Sandler lowered their price target on Patterson-UTI Energy from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, November 13th. TheStreet upgraded Patterson-UTI Energy from a “c+” rating to a “b-” rating in a report on Thursday, October 26th. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $19.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. One investment 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’s stock. According to data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average target price of $16.82.

Get Our Latest Analysis on Patterson-UTI Energy

About Patterson-UTI Energy

(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.

See Also

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report).

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

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.