SG Americas Securities LLC Lowers Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SG Americas Securities LLC trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTENFree Report) by 45.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,382 shares of the oil and gas company’s stock after selling 72,394 shares during the period. SG Americas Securities LLC’s holdings in Patterson-UTI Energy were worth $705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Pacer Advisors Inc. lifted its position in shares of Patterson-UTI Energy by 35.9% in the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after acquiring an additional 5,275,525 shares in the last quarter. State Street Corp increased its holdings in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after purchasing an additional 478,064 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Patterson-UTI Energy by 10.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock worth $41,540,000 after purchasing an additional 494,250 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 0.1 %

Shares of NASDAQ:PTEN opened at $8.27 on Thursday. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65. The business has a 50 day simple moving average of $8.29 and a two-hundred day simple moving average of $8.55. The firm has a market capitalization of $3.22 billion, a PE ratio of -3.78 and a beta of 2.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PTEN shares. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Susquehanna reduced their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Citigroup reduced their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.63.

Get Our Latest Analysis on PTEN

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

(Free Report)

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.

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

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