Victory Capital Management Inc. raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free 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
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.
About Patterson-UTI Energy
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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