Pacer Advisors Inc. Has $182.52 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Pacer Advisors Inc. boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,096,553 shares of the oil and gas company’s stock after buying an additional 2,123,659 shares during the period. Pacer Advisors Inc. owned about 5.67% of Patterson-UTI Energy worth $182,518,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. ARGA Investment Management LP boosted its position in shares of Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after acquiring an additional 1,792,655 shares in the last quarter. Canoe Financial LP lifted its stake in Patterson-UTI Energy by 15,942.1% during the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after purchasing an additional 1,514,500 shares during the period. State Street Corp boosted its holdings in Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Patterson-UTI Energy by 82.7% in the 3rd quarter. Cerity Partners LLC now owns 1,338,844 shares of the oil and gas company’s stock valued at $10,242,000 after purchasing an additional 606,054 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 12.1% in the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after buying an additional 559,859 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of several recent analyst reports. Barclays decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.63.

Insider Activity

In related news, Director James Carl Stewart sold 80,000 shares of the 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 transaction, the director now directly owns 32,438 shares in the company, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Down 3.0 %

Shares of PTEN opened at $8.75 on Monday. The business’s fifty day moving average price is $8.28 and its two-hundred day moving average price is $8.58. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 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.

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.