Prudent Man Advisors LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) during the 3rd quarter, HoldingsChannel reports. The fund purchased 13,048 shares of the oil and gas company’s stock, valued at approximately $181,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Citigroup Inc. grew its stake in shares of Patterson-UTI Energy by 2.2% in the 1st quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock worth $3,283,000 after purchasing an additional 4,464 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in Patterson-UTI Energy in the first quarter worth approximately $187,000. Natixis Advisors L.P. bought a new position in shares of Patterson-UTI Energy in the first quarter valued at $460,000. MetLife Investment Management LLC lifted its position in shares of Patterson-UTI Energy by 15.7% during the 1st quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock valued at $3,453,000 after acquiring an additional 30,250 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Patterson-UTI Energy by 1.5% during the 1st quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock worth $9,311,000 after acquiring an additional 9,136 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.
Insider Activity at Patterson-UTI Energy
In other Patterson-UTI Energy news, Director Tiffany Thom Cepak sold 15,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $11.78, for a total transaction of $176,700.00. Following the transaction, the director now directly owns 107,081 shares of the company’s stock, valued at $1,261,414.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is owned by company insiders.
Patterson-UTI Energy Price Performance
Analyst Ratings Changes
Several equities research analysts have recently commented on PTEN shares. Morgan Stanley downgraded Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday, October 17th. TheStreet raised shares of Patterson-UTI Energy from a “c+” rating to a “b-” rating in a research report on Thursday, October 26th. Barclays reduced their price target on shares of Patterson-UTI Energy from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Tuesday, November 14th. Susquehanna dropped their price target on Patterson-UTI Energy from $18.00 to $16.00 and set a “positive” rating on the stock in a research report on Thursday, November 9th. Finally, Piper Sandler lowered their target price on Patterson-UTI Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, November 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.82.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides 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.
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