Allspring Global Investments Holdings LLC Decreases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Allspring Global Investments Holdings LLC reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,684,175 shares of the oil and gas company's stock after selling 753,794 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.45% of Patterson-UTI Energy worth $43,484,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PTEN. Hexagon Capital Partners LLC grew its position in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 1,307 shares in the last quarter. CWM LLC raised its holdings in shares of Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock valued at $48,000 after buying an additional 893 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after buying an additional 3,087 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Patterson-UTI Energy in the first quarter worth approximately $56,000. Finally, Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company's stock worth $79,000 after acquiring an additional 5,506 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

PTEN has been the topic of a number of analyst reports. ATB Capital decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Morgan Stanley lowered their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. Bank of America cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a report on Monday, July 15th. Finally, Piper Sandler lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.54.

Patterson-UTI Energy Stock Down 0.8 %

Shares of NASDAQ PTEN traded down $0.06 during mid-day trading on Wednesday, hitting $7.80. 9,313,076 shares of the stock traded hands, compared to its average volume of 7,025,115. The stock has a fifty day moving average price of $8.41 and a 200-day moving average price of $9.79. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 25.35 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 52 week low of $7.45 and a 52 week high of $13.62.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.18 EPS for the current year.

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.