Victory Capital Management Inc. Has $9.47 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Victory Capital Management Inc. raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,146,750 shares of the oil and gas company's stock after buying an additional 265,714 shares during the period. Victory Capital Management Inc. owned about 0.29% of Patterson-UTI Energy worth $9,472,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its holdings in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Patterson-UTI Energy by 7.2% in the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company's stock valued at $171,000 after buying an additional 1,501 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,717 shares during the last quarter. KBC Group NV raised its stake in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock worth $84,000 after acquiring an additional 1,723 shares during the last quarter. Finally, Greenleaf Trust lifted its position in shares of Patterson-UTI Energy by 12.3% during the fourth quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company's stock worth $162,000 after purchasing an additional 2,141 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

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Analyst Ratings Changes

Several research firms have issued reports on PTEN. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.63.

Patterson-UTI Energy Stock Down 0.6 %

Shares of Patterson-UTI Energy stock traded down $0.05 on Monday, hitting $7.86. The company had a trading volume of 11,809,570 shares, compared to its average volume of 10,330,154. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a 50-day moving average of $8.43 and a 200-day moving average of $8.22. The firm has a market capitalization of $3.04 billion, a P/E ratio of -3.18 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.07%. Patterson-UTI Energy's dividend payout ratio (DPR) is -12.96%.

Insider Activity

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares of the company's stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 358,149 shares of company stock worth $2,990,766 over the last three months. 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.