SG Americas Securities LLC Lowers Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SG Americas Securities LLC lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 45.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 85,382 shares of the oil and gas company’s stock after selling 72,394 shares during the period. SG Americas Securities LLC’s holdings in Patterson-UTI Energy were worth $705,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after buying an additional 1,358 shares during the period. CIBC Asset Management Inc lifted its holdings in Patterson-UTI Energy by 7.2% during the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after buying an additional 1,501 shares during the period. KBC Group NV lifted its holdings in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Patterson-UTI Energy by 10.6% during the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after buying an additional 1,879 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after buying an additional 1,901 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $8.27 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The stock’s fifty day moving average price is $8.29 and its 200 day moving average price is $8.55. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -3.78 and a beta of 2.09.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.