Viking Fund Management LLC Buys 70,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Viking Fund Management LLC lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 63.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 180,000 shares of the oil and gas company's stock after purchasing an additional 70,000 shares during the period. Viking Fund Management LLC's holdings in Patterson-UTI Energy were worth $1,487,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Intech Investment Management LLC bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $626,000. Canada Pension Plan Investment Board bought a new stake in Patterson-UTI Energy during the second quarter valued at $5,234,000. Sei Investments Co. raised its holdings in shares of Patterson-UTI Energy by 26.7% during the second quarter. Sei Investments Co. now owns 687,346 shares of the oil and gas company's stock worth $7,121,000 after purchasing an additional 144,660 shares during the period. Profund Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 17.1% during the second quarter. Profund Advisors LLC now owns 75,312 shares of the oil and gas company's stock valued at $780,000 after purchasing an additional 10,976 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in Patterson-UTI Energy by 279.0% in the second quarter. 1832 Asset Management L.P. now owns 655,449 shares of the oil and gas company's stock valued at $6,790,000 after buying an additional 482,500 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Down 1.3 %

NASDAQ PTEN traded down $0.12 during trading on Wednesday, reaching $9.13. 10,688,840 shares of the company's stock were exchanged, compared to its average volume of 7,805,503. The firm has a market capitalization of $3.56 billion, a PE ratio of -4.17 and a beta of 2.09. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. 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 company's fifty day simple moving average is $8.23 and its 200-day simple moving average is $8.59.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus dropped their price target 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 objective 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. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Finally, Barclays decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.63.

Insider Buying and Selling at Patterson-UTI Energy

In other 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 $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company's stock.

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.