Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Mutual of America Capital Management LLC

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Mutual of America Capital Management LLC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,997 shares of the oil and gas company’s stock after acquiring an additional 1,607 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Patterson-UTI Energy were worth $480,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $26,000. Exane Derivatives acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $35,000. Advisor Group Holdings Inc. increased its position in Patterson-UTI Energy by 38.3% during the 4th quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 1,342 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $89,000. Finally, Ellevest Inc. increased its position in Patterson-UTI Energy by 83.4% during the 1st quarter. Ellevest Inc. now owns 12,467 shares of the oil and gas company’s stock worth $193,000 after purchasing an additional 5,670 shares in the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $18.07, for a total transaction of $3,614,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $18.07, for a total transaction of $3,614,000.00. Following the transaction, the chief executive officer now directly owns 1,901,374 shares in the company, valued at $34,357,828.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Seth David Wexler sold 60,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $17.00, for a total value of $1,020,000.00. Following the transaction, the senior vice president now owns 323,417 shares in the company, valued at $5,498,089. The disclosure for this sale can be found here. In the last three months, insiders sold 543,333 shares of company stock worth $8,934,161. 2.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research analyst reports. Citigroup increased their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, July 6th. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $21.00 to $22.75 in a research report on Tuesday, May 31st. They noted that the move was a valuation call. Susquehanna Bancshares increased their target price on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “positive” rating in a research report on Wednesday, June 8th. StockNews.com raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $20.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 13th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $19.43.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $16.55 on Monday. The stock has a market cap of $3.58 billion, a P/E ratio of -5.91 and a beta of 2.35. The company has a current ratio of 1.35, a quick ratio of 1.23 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average of $16.03 and a 200-day moving average of $14.91. Patterson-UTI Energy, Inc. has a 52 week low of $6.44 and a 52 week high of $20.53.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend is Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -5.71%.

Patterson-UTI Energy Company Profile

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Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

See Also

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