Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Position Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. boosted its holdings in Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after purchasing an additional 7,989,877 shares during the period. American Century Companies Inc. raised its stake in Patterson-UTI Energy by 13.5% during the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after acquiring an additional 1,144,094 shares during the period. Norges Bank acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $52,817,000. Invesco Ltd. lifted its holdings in Patterson-UTI Energy by 27.8% in the fourth quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock worth $51,279,000 after acquiring an additional 1,351,001 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Patterson-UTI Energy by 7.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,810,020 shares of the oil and gas company's stock worth $47,991,000 after acquiring an additional 379,938 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup reiterated a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. reduced their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. The Goldman Sachs Group lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Barclays cut their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, Susquehanna lowered their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $9.50.

Patterson-UTI Energy Trading Up 4.1%

Shares of NASDAQ PTEN traded up $0.25 during mid-day trading on Wednesday, hitting $6.35. 10,420,767 shares of the company traded hands, compared to its average volume of 10,109,593. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $11.27. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -2.44 and a beta of 1.32. The business has a 50 day moving average of $5.96 and a two-hundred day moving average of $7.22.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $0.15 earnings per share. The business's quarterly revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's payout ratio is -12.31%.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company's stock.

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.