Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,062 shares of the oil and gas company’s stock after selling 7,241 shares during the period. Corient Private Wealth LLC’s holdings in Patterson-UTI Energy were worth $537,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. WFA Asset Management Corp acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $27,000. Smartleaf Asset Management LLC raised its stake in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Patterson-UTI Energy in the 4th quarter valued at about $85,000. Finally, Quantinno Capital Management LP purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at approximately $97,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the 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 sale, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on PTEN shares. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.54.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.19 on Friday. The firm has a 50 day moving average of $8.33 and a two-hundred day moving average of $8.20. The stock has a market capitalization of $3.16 billion, a PE ratio of -3.32 and a beta of 1.99. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.91%. Patterson-UTI Energy’s payout ratio is -12.96%.

Patterson-UTI Energy Company 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.