CX Institutional Raises Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CX Institutional increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 52.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,551 shares of the oil and gas company’s stock after purchasing an additional 12,538 shares during the quarter. CX Institutional’s holdings in Patterson-UTI Energy were worth $302,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PTEN. Pacer Advisors Inc. lifted its stake in shares of Patterson-UTI Energy by 35.9% during the 3rd quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after purchasing an additional 5,275,525 shares during the last quarter. ARGA Investment Management LP increased its position in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after buying an additional 1,792,655 shares in the last quarter. Canoe Financial LP increased its position in Patterson-UTI Energy by 15,942.1% during the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock valued at $11,850,000 after buying an additional 1,514,500 shares in the last quarter. State Street Corp increased its position in Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after buying an additional 1,352,840 shares in the last quarter. Finally, Cerity Partners LLC increased its position in Patterson-UTI Energy by 82.7% during the 3rd quarter. Cerity Partners LLC now owns 1,338,844 shares of the oil and gas company’s stock valued at $10,242,000 after buying an additional 606,054 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Susquehanna reduced their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Stock Down 3.0 %

Patterson-UTI Energy stock opened at $8.75 on Monday. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of -4.00 and a beta of 2.09. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The business’s 50-day moving average price is $8.28 and its 200 day moving average price is $8.58. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by corporate 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.