Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.7% during the third quarter, Holdings Channel reports. The firm owned 5,684,175 shares of the oil and gas company’s stock after selling 753,794 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Patterson-UTI Energy were worth $43,484,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PTEN. Hexagon Capital Partners LLC increased its position in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV grew its position in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares during the last quarter. CWM LLC increased its holdings in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after acquiring an additional 893 shares during the period. Fidelis Capital Partners LLC bought a new stake in Patterson-UTI Energy in the 1st quarter valued at about $56,000. Finally, Blue Trust Inc. boosted its stake in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $7.86 on Wednesday. Patterson-UTI Energy, Inc. has a 1 year low of $7.45 and a 1 year high of $13.70. The business’s fifty day moving average is $8.43 and its two-hundred day moving average is $9.82. The stock has a market capitalization of $3.09 billion, a P/E ratio of 25.35 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post 0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

PTEN has been the topic of several analyst reports. Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Bank of America cut their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Piper Sandler decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.54.

About Patterson-UTI Energy

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.