SG Americas Securities LLC Sells 27,990 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SG Americas Securities LLC lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 40.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,490 shares of the oil and gas company’s stock after selling 27,990 shares during the quarter. SG Americas Securities LLC’s holdings in Patterson-UTI Energy were worth $627,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in Patterson-UTI Energy by 504.1% during the 4th quarter. JPMorgan Chase & Co. now owns 8,090,604 shares of the oil and gas company’s stock valued at $68,366,000 after purchasing an additional 6,751,253 shares in the last quarter. Ascribe Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $31,814,000. Bank of America Corp DE increased its stake in shares of Patterson-UTI Energy by 18.1% in the 4th quarter. Bank of America Corp DE now owns 2,702,517 shares of the oil and gas company’s stock valued at $22,836,000 after buying an additional 413,778 shares during the period. Credit Suisse AG increased its stake in shares of Patterson-UTI Energy by 1,216.7% in the 4th quarter. Credit Suisse AG now owns 1,886,971 shares of the oil and gas company’s stock valued at $15,943,000 after buying an additional 1,743,660 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Patterson-UTI Energy by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,885,369 shares of the oil and gas company’s stock valued at $15,932,000 after buying an additional 116,699 shares during the period. Institutional investors own 95.14% of the company’s stock.

Insider Buying and Selling

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 8,333 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $16.31, for a total transaction of $135,911.23. Following the transaction, the insider now owns 356,442 shares of the company’s stock, valued at $5,813,569.02. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Patterson-UTI Energy news, insider James Michael Holcomb sold 8,333 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $16.31, for a total transaction of $135,911.23. Following the transaction, the insider now owns 356,442 shares of the company’s stock, valued at $5,813,569.02. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total value of $1,437,000.00. Following the transaction, the chief executive officer now directly owns 2,201,374 shares in the company, valued at approximately $31,633,744.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 491,666 shares of company stock worth $8,050,072. Corporate insiders own 2.70% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $15.53 on Thursday. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -7.22 and a beta of 2.26. The stock’s 50-day moving average is $15.94 and its 200-day moving average is $15.00. Patterson-UTI Energy, Inc. has a one year low of $6.44 and a one year high of $20.53. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.16 annualized dividend and a yield of 1.03%. Patterson-UTI Energy’s payout ratio is presently -7.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Susquehanna Bancshares lifted their target price on Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “positive” rating in a research note on Wednesday, June 8th. Piper Sandler cut Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $21.00 to $22.75 in a research note on Tuesday, May 31st. They noted that the move was a valuation call. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price objective for the company in a research note on Thursday, May 26th. StockNews.com raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 29th. Finally, Citigroup lifted their target price on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, July 6th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $19.93.

About Patterson-UTI Energy

(Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore 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.

Further Reading

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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