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Blackstone Inc. Sells 6,179,047 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Patterson-UTI Energy logo with Oils/Energy background

Blackstone Inc. trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,720,953 shares of the oil and gas company's stock after selling 6,179,047 shares during the quarter. Patterson-UTI Energy makes up approximately 1.4% of Blackstone Inc.'s portfolio, making the stock its 16th biggest holding. Blackstone Inc. owned approximately 6.88% of Patterson-UTI Energy worth $310,186,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 74.9% during the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company's stock worth $597,807,000 after purchasing an additional 18,495,822 shares in the last quarter. Cerberus Capital Management L.P. purchased a new position in Patterson-UTI Energy in the 3rd quarter worth approximately $188,486,000. FMR LLC increased its holdings in shares of Patterson-UTI Energy by 21,195.0% in the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company's stock worth $161,311,000 after buying an additional 11,600,658 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 6.5% during the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company's stock valued at $91,860,000 after buying an additional 519,259 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company's stock worth $51,677,000 after acquiring an additional 177,428 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.


Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business's stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating on the stock in a research report on Friday, February 16th. Piper Sandler dropped their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, May 6th. StockNews.com cut shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Tuesday, April 2nd. Bank of America lowered their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a report on Monday, April 15th. Finally, Susquehanna reaffirmed a "positive" rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $15.67.

Read Our Latest Stock Report on PTEN

Patterson-UTI Energy Trading Down 3.3 %

Shares of Patterson-UTI Energy stock traded down $0.34 during trading on Thursday, reaching $10.10. 5,754,117 shares of the stock were exchanged, compared to its average volume of 6,439,827. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 14.85 and a beta of 2.18. Patterson-UTI Energy, Inc. has a 1 year low of $9.73 and a 1 year high of $16.17. The stock's fifty day moving average is $11.09 and its 200 day moving average is $11.14.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.51 billion. During the same quarter last year, the business posted $0.46 EPS. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post 0.55 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a $0.08 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 3.17%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently 47.06%.

Patterson-UTI Energy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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