Nisa Investment Advisors LLC Has $880,000 Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nisa Investment Advisors LLC decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 74.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,591 shares of the oil and gas company's stock after selling 308,218 shares during the period. Nisa Investment Advisors LLC's holdings in Patterson-UTI Energy were worth $880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company's stock worth $152,793,000 after buying an additional 5,275,525 shares in the last quarter. ARGA Investment Management LP grew its holdings 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 worth $15,000,000 after acquiring an additional 1,792,655 shares in the last quarter. Canoe Financial LP raised its holdings in shares of Patterson-UTI Energy by 15,942.1% in 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 purchasing an additional 1,514,500 shares in the last quarter. State Street Corp raised its holdings in shares of Patterson-UTI Energy by 9.6% in 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 purchasing an additional 1,352,840 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of 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 worth $10,242,000 after purchasing an additional 606,054 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Stifel Nicolaus dropped their target price on shares of 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. Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Finally, Citigroup cut their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction 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 transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded down $0.16 on Friday, hitting $8.09. 9,664,330 shares of the stock traded hands, compared to its average volume of 8,084,774. The company's fifty day moving average is $8.29 and its 200 day moving average is $8.55. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The company has a market capitalization of $3.15 billion, a PE ratio of -3.69 and a beta of 2.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy 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.