American Century Companies Inc. Increases Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

American Century Companies Inc. raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,636,471 shares of the oil and gas company's stock after purchasing an additional 1,144,094 shares during the quarter. American Century Companies Inc. owned 2.47% of Patterson-UTI Energy worth $79,597,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PTEN. Atria Investments Inc boosted its position in Patterson-UTI Energy by 3.7% in the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock valued at $288,000 after buying an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock worth $47,000 after acquiring an additional 1,358 shares during the period. Avantax Advisory Services Inc. raised its holdings in shares of Patterson-UTI Energy by 10.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock worth $130,000 after purchasing an additional 1,436 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, Greenleaf Trust lifted its position in 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 valued at $162,000 after purchasing an additional 2,141 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This trade represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.19 during trading on Friday, hitting $8.19. The stock had a trading volume of 9,577,733 shares, compared to its average volume of 8,324,033. Patterson-UTI Energy, Inc. has a twelve month low of $7.03 and a twelve month high of $12.65. The company's 50-day moving average price is $8.35 and its two-hundred day moving average price is $8.20. 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 market capitalization of $3.16 billion, a P/E ratio of -3.32 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio is currently -12.96%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PTEN. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price target for the company from $11.00 to $10.00 in a research 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 for the company in a report on Monday, January 6th. Finally, 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.54.

About Patterson-UTI Energy

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.