Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 205,984 shares of the oil and gas company’s stock after selling 16,149 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Patterson-UTI Energy worth $1,701,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PTEN. Citigroup Inc. increased its holdings in shares of Patterson-UTI Energy by 50.7% during the third quarter. Citigroup Inc. now owns 492,472 shares of the oil and gas company’s stock valued at $3,767,000 after purchasing an additional 165,710 shares during the period. BNP Paribas Financial Markets grew its position in Patterson-UTI Energy by 34.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 355,713 shares of the oil and gas company’s stock valued at $2,721,000 after buying an additional 90,691 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Patterson-UTI Energy by 2.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 761,091 shares of the oil and gas company’s stock valued at $5,822,000 after buying an additional 20,448 shares during the period. Verition Fund Management LLC raised its position in shares of Patterson-UTI Energy by 58.8% during the 3rd quarter. Verition Fund Management LLC now owns 154,232 shares of the oil and gas company’s stock worth $1,180,000 after buying an additional 57,115 shares in the last quarter. Finally, Holocene Advisors LP lifted its stake in shares of Patterson-UTI Energy by 43.9% in the 3rd quarter. Holocene Advisors LP now owns 968,585 shares of the oil and gas company’s stock worth $7,410,000 after acquiring an additional 295,663 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PTEN. Morgan Stanley cut their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.54.

Patterson-UTI Energy Trading Up 2.1 %

NASDAQ:PTEN opened at $8.56 on Thursday. 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 company has a market capitalization of $3.31 billion, a P/E ratio of -3.47 and a beta of 1.99. The stock’s 50 day moving average price is $8.28 and its 200 day moving average price is $8.21. 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 declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. 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 3.74%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the transaction, the director now owns 85,475 shares of the company’s stock, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Profile

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.