American International Group Inc. Has $2.06 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

American International Group Inc. lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 190,975 shares of the oil and gas company’s stock after selling 1,492 shares during the quarter. American International Group Inc.’s holdings in Patterson-UTI Energy were worth $2,063,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at $98,000. GAMMA Investing LLC bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $77,000. Finally, Perigon Wealth Management LLC bought a new stake in Patterson-UTI Energy in the 4th quarter valued at $111,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PTEN. Susquehanna restated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Piper Sandler dropped their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Bank of America dropped their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Finally, StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

Patterson-UTI Energy Stock Performance

PTEN opened at $10.31 on Wednesday. The firm has a market cap of $4.14 billion, a P/E ratio of 15.16 and a beta of 2.18. Patterson-UTI Energy, Inc. has a 52-week low of $9.68 and a 52-week high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. The business’s fifty day moving average is $10.75 and its 200-day moving average is $11.05.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same period in the prior year, the firm posted $0.46 EPS. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.55 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

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.