PNC Financial Services Group Inc. Has $298,000 Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

PNC Financial Services Group Inc. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 62.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 36,094 shares of the oil and gas company’s stock after purchasing an additional 13,837 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Patterson-UTI Energy were worth $298,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock valued at $9,472,000 after purchasing an additional 265,714 shares in the last quarter. State Street Corp boosted its holdings in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Versor Investments LP boosted its holdings in Patterson-UTI Energy by 53.0% during the fourth quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock valued at $1,453,000 after purchasing an additional 60,900 shares in the last quarter. Ieq Capital LLC boosted its holdings in Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after purchasing an additional 31,589 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock valued at $60,477,000 after purchasing an additional 1,743,241 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $8.38 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The company has a 50 day moving average price of $8.40 and a 200 day moving average price of $8.19. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.03 and a fifty-two week high of $12.65. The stock has a market capitalization of $3.24 billion, a PE ratio of -3.39 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Patterson-UTI Energy Profile

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.