Wells Fargo & Company MN Grows Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wells Fargo & Company MN grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 82.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 811,010 shares of the oil and gas company's stock after purchasing an additional 366,512 shares during the quarter. Wells Fargo & Company MN owned about 0.21% of Patterson-UTI Energy worth $6,699,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. WFA Asset Management Corp bought a new position in Patterson-UTI Energy during the fourth quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at $39,000. Smartleaf Asset Management LLC raised its position in Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in 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 purchasing an additional 1,358 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 completion of the transaction, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. This represents a 36.03 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company's stock.

Patterson-UTI Energy Price Performance

PTEN traded down $0.02 on Wednesday, reaching $5.86. The stock had a trading volume of 10,847,686 shares, compared to its average volume of 8,842,535. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $11.70. The firm has a 50-day moving average of $7.45 and a 200-day moving average of $7.97. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -2.37 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 5.46%. Patterson-UTI Energy's payout ratio is currently -12.96%.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Raymond James cut Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Finally, Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.21.

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.