MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income Buys New Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

MESIROW FINANCIAL INVESTMENT MANAGEMENT Equity & Fixed Income bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 513,715 shares of the oil and gas company’s stock, valued at approximately $7,952,000.

Several other large investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC acquired a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $657,000. New York State Common Retirement Fund increased its holdings in Patterson-UTI Energy by 402.8% during the 1st quarter. New York State Common Retirement Fund now owns 907,580 shares of the oil and gas company’s stock valued at $14,049,000 after purchasing an additional 727,079 shares in the last quarter. ProShare Advisors LLC increased its holdings in Patterson-UTI Energy by 64.6% during the 4th quarter. ProShare Advisors LLC now owns 47,581 shares of the oil and gas company’s stock valued at $402,000 after purchasing an additional 18,672 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Patterson-UTI Energy by 5,377.5% during the 4th quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company’s stock valued at $7,968,000 after purchasing an additional 925,687 shares in the last quarter. Finally, Journey Strategic Wealth LLC acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at $106,000. Institutional investors and hedge funds own 95.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Benchmark assumed coverage on Patterson-UTI Energy in a research report on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective on the stock. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price target on the stock in a research report on Thursday, May 26th. Susquehanna Bancshares raised their price target on Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “positive” rating in a research report on Wednesday, June 8th. Piper Sandler lowered Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $21.00 to $22.75 in a report on Tuesday, May 31st. They noted that the move was a valuation call. Finally, Atb Cap Markets lowered Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a report on Thursday, July 7th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $19.93.

Patterson-UTI Energy Trading Up 3.7 %

Shares of NASDAQ PTEN traded up $0.51 during midday trading on Friday, hitting $14.37. 2,171,525 shares of the stock traded hands, compared to its average volume of 2,862,665. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 0.56. Patterson-UTI Energy, Inc. has a one year low of $6.44 and a one year high of $20.53. The business has a 50 day moving average price of $15.72 and a two-hundred day moving average price of $15.05.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.16 annualized dividend and a dividend yield of 1.11%. Patterson-UTI Energy’s payout ratio is -7.44%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 8,333 shares of the business’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $17.45, for a total value of $145,410.85. Following the transaction, the insider now owns 364,775 shares of the company’s stock, valued at $6,365,323.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider James Michael Holcomb sold 8,333 shares of the company’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $17.45, for a total transaction of $145,410.85. Following the transaction, the insider now owns 364,775 shares of the company’s stock, valued at approximately $6,365,323.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the company’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $14.37, for a total value of $1,437,000.00. Following the transaction, the chief executive officer now directly owns 2,201,374 shares in the company, valued at approximately $31,633,744.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 491,666 shares of company stock valued at $8,050,072. Insiders own 2.70% of the company’s stock.

About Patterson-UTI Energy

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating).

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

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