PNC Financial Services Group Inc. Has $298,000 Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

PNC Financial Services Group Inc. lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 62.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,094 shares of the oil and gas company’s stock after buying an additional 13,837 shares during the period. PNC Financial Services Group Inc.’s holdings in Patterson-UTI Energy were worth $298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PTEN. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $27,000. Smartleaf Asset Management LLC boosted its position in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in 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 purchasing an additional 1,358 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $85,000. Finally, KBC Group NV boosted its position in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 1,723 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Trading Down 0.4 %

Patterson-UTI Energy stock opened at $8.38 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The business’s 50-day simple moving average is $8.40 and its 200-day simple moving average is $8.19. The firm has a market capitalization of $3.24 billion, a PE ratio of -3.39 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.82%. Patterson-UTI Energy’s payout ratio is presently -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.