Allspring Global Investments Holdings LLC Sells 357,585 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Allspring Global Investments Holdings LLC lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,326,590 shares of the oil and gas company's stock after selling 357,585 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.37% of Patterson-UTI Energy worth $45,436,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after purchasing an additional 1,358 shares during the period. Covestor Ltd boosted its holdings in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after buying an additional 3,307 shares during the last quarter. Blue Trust Inc. grew its position in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after buying an additional 1,901 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Patterson-UTI Energy during the third quarter valued at approximately $75,000. 97.91% of the stock is currently owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.30% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded down $0.16 during midday trading on Monday, reaching $8.92. 8,147,234 shares of the company were exchanged, compared to its average volume of 9,071,969. The stock has a market cap of $3.48 billion, a PE ratio of -3.61 and a beta of 2.06. The business's fifty day moving average is $8.37 and its two-hundred day moving average is $8.36. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The company has a current ratio of 1.54, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.59%. Patterson-UTI Energy's payout ratio is -12.96%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PTEN shares. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, October 31st. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Stifel Nicolaus lowered their price objective 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, Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.63.

Patterson-UTI Energy Company Profile

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.