SG Americas Securities LLC Lowers Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

SG Americas Securities LLC cut its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 45.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,382 shares of the oil and gas company's stock after selling 72,394 shares during the quarter. SG Americas Securities LLC's holdings in Patterson-UTI Energy were worth $705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in Patterson-UTI Energy by 1.2% in the second quarter. Bank of Montreal Can now owns 441,081 shares of the oil and gas company's stock worth $4,574,000 after buying an additional 5,245 shares in the last quarter. Xponance Inc. grew its holdings in shares of Patterson-UTI Energy by 18.0% during the 2nd quarter. Xponance Inc. now owns 25,302 shares of the oil and gas company's stock valued at $262,000 after purchasing an additional 3,851 shares during the last quarter. AQR Capital Management LLC raised its position in Patterson-UTI Energy by 148.4% in the 2nd quarter. AQR Capital Management LLC now owns 478,405 shares of the oil and gas company's stock worth $4,956,000 after purchasing an additional 285,790 shares during the period. The Manufacturers Life Insurance Company boosted its position in Patterson-UTI Energy by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 390,617 shares of the oil and gas company's stock valued at $4,047,000 after buying an additional 18,337 shares during the period. Finally, Algert Global LLC bought a new position in shares of Patterson-UTI Energy during the second quarter valued at about $1,386,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PTEN has been the topic of several analyst reports. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a report on Friday, October 11th. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus decreased their target price 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, StockNews.com cut shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.63.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the company's stock in a transaction 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy Stock Down 0.4 %

Patterson-UTI Energy stock traded down $0.03 during trading hours on Thursday, hitting $8.24. The stock had a trading volume of 8,569,253 shares, compared to its average volume of 8,032,582. The stock has a market capitalization of $3.21 billion, a P/E ratio of -3.76 and a beta of 2.09. Patterson-UTI Energy, Inc. has a 12-month low of $7.15 and a 12-month high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The stock's 50-day moving average price is $8.29 and its 200-day moving average price is $8.55.

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.