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

Allspring Global Investments Holdings LLC decreased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,600,292 shares of the oil and gas company's stock after selling 182,141 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.58% of Patterson-UTI Energy worth $71,283,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. CWM LLC raised its holdings in Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company's stock worth $38,000 after acquiring an additional 791 shares during the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Patterson-UTI Energy by 2.3% during the first quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company's stock valued at $628,000 after purchasing an additional 906 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of Patterson-UTI Energy by 4.5% in the third quarter. Captrust Financial Advisors now owns 23,229 shares of the oil and gas company's stock worth $271,000 after acquiring an additional 1,004 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Patterson-UTI Energy by 0.7% during the second quarter. The Manufacturers Life Insurance Company now owns 211,025 shares of the oil and gas company's stock valued at $2,526,000 after purchasing an additional 1,496 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Patterson-UTI Energy by 1.5% during the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company's stock valued at $1,074,000 after purchasing an additional 1,506 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded up $0.09 on Wednesday, reaching $12.11. The company's stock had a trading volume of 3,739,327 shares, compared to its average volume of 6,672,148. The stock's fifty day simple moving average is $11.56 and its 200-day simple moving average is $11.75. Patterson-UTI Energy, Inc. has a 1 year low of $9.70 and a 1 year high of $16.17. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.21 and a beta of 2.21. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion. Analysts forecast that Patterson-UTI Energy, Inc. will post 0.65 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy's dividend payout ratio (DPR) is currently 31.68%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Susquehanna reiterated a "positive" rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday. Evercore ISI lowered their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 20th. Raymond James cut their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a "strong-buy" rating for the company in a research report on Friday, February 16th. The Goldman Sachs Group started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They set a "neutral" rating and a $12.00 price target on the stock. Finally, Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $16.33.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm's stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares of the company's stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is owned by insiders.

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.