Allspring Global Investments Holdings LLC Sells 357,585 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,326,590 shares of the oil and gas company’s stock after selling 357,585 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.37% of Patterson-UTI Energy worth $45,436,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB grew its stake in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,358 shares during the last quarter. CIBC Asset Management Inc grew its stake in Patterson-UTI Energy by 7.2% in the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 1,501 shares in the last quarter. KBC Group NV increased its holdings in Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 1,723 shares during the period. Sequoia Financial Advisors LLC raised its position in Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 1,879 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after buying an additional 1,901 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on PTEN shares. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Citigroup decreased their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One equities research 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. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $9.08 on Friday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -3.68 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.54. The stock’s 50-day simple moving average is $8.32 and its 200-day simple moving average is $8.41.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.52%. Patterson-UTI Energy’s payout ratio is -12.96%.

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.