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

Allspring Global Investments Holdings LLC lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,003,726 shares of the oil and gas company's stock after selling 322,864 shares during the period. Allspring Global Investments Holdings LLC owned about 1.30% of Patterson-UTI Energy worth $41,931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PTEN. Northern Trust Corp lifted its holdings in shares of Patterson-UTI Energy by 4.1% during the fourth quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock worth $35,426,000 after buying an additional 170,417 shares in the last quarter. Victory Capital Management Inc. raised its stake in Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after buying an additional 265,714 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $3,717,000. Ritholtz Wealth Management bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $153,000. Finally, Schroder Investment Management Group bought a new position in Patterson-UTI Energy in the 4th quarter valued at about $511,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director directly owned 999,754 shares in the company, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Susquehanna decreased their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a report on Wednesday, June 4th. Citigroup restated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a report on Monday, May 19th. JPMorgan Chase & Co. cut their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group decreased their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and an average target price of $9.50.

Patterson-UTI Energy Price Performance

PTEN traded down $0.04 during trading on Friday, reaching $6.31. The company's stock had a trading volume of 4,256,292 shares, compared to its average volume of 10,111,008. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. The firm has a fifty day simple moving average of $5.97 and a two-hundred day simple moving average of $7.20. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.27. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -2.43 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $0.15 earnings per share. The company's quarterly revenue was down 15.2% compared to the same quarter last year. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $0.08 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.32 annualized dividend and a yield of 5.07%. Patterson-UTI Energy's dividend payout ratio is currently -12.31%.

Patterson-UTI Energy Company 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.