Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Pacer Advisors Inc.

Pacer Advisors Inc. lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 10.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,096,553 shares of the oil and gas company's stock after purchasing an additional 2,123,659 shares during the period. Pacer Advisors Inc. owned about 5.67% of Patterson-UTI Energy worth $182,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in PTEN. Massmutual Trust Co. FSB ADV raised its position in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 3,087 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in 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 position in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 3,307 shares in the last quarter. Blue Trust Inc. grew its holdings in Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after purchasing an additional 1,901 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $75,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 4.0 %

Patterson-UTI Energy stock traded down $0.35 during midday trading on Monday, hitting $8.40. 8,328,038 shares of the stock were exchanged, compared to its average volume of 7,898,963. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock's 50-day simple moving average is $8.28 and its 200 day simple moving average is $8.56. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.09.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PTEN. Stifel Nicolaus decreased 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. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $11.00 to $10.00 in a 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. Susquehanna lowered their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a report on Friday, October 11th. Finally, Barclays reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and an average target price of $11.63.

Insider Activity

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 completion of the sale, the director now directly owns 32,438 shares of the company's stock, 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 hyperlink. Corporate insiders own 2.30% of the company's stock.

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.