Corebridge Financial Inc. Sells 16,149 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Corebridge Financial Inc. reduced its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 205,984 shares of the oil and gas company’s stock after selling 16,149 shares during the period. Corebridge Financial Inc.’s holdings in Patterson-UTI Energy were worth $1,701,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. WFA Asset Management Corp bought a new position in Patterson-UTI Energy during the fourth quarter worth $27,000. Smartleaf Asset Management LLC grew its position in Patterson-UTI Energy by 43.5% in the 4th 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 last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares during the period. Kestra Investment Management LLC acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $85,000. Finally, Sciencast Management LP bought a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $85,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on PTEN. Morgan Stanley cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Stifel Nicolaus lowered their price target on shares of 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, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $11.00 to $10.00 in a research note 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. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.54.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the company’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 transaction of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $8.56 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.31 billion, a PE ratio of -3.47 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12 month low of $7.03 and a 12 month high of $12.65. The company’s 50-day moving average price is $8.28 and its two-hundred day moving average price is $8.21.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s payout ratio is currently -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.