Viking Fund Management LLC Boosts Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Viking Fund Management LLC increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 63.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 180,000 shares of the oil and gas company’s stock after buying an additional 70,000 shares during the period. Viking Fund Management LLC’s holdings in Patterson-UTI Energy were worth $1,487,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $626,000. Canada Pension Plan Investment Board acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $5,234,000. Sei Investments Co. lifted its stake in Patterson-UTI Energy by 26.7% in the second quarter. Sei Investments Co. now owns 687,346 shares of the oil and gas company’s stock worth $7,121,000 after acquiring an additional 144,660 shares during the last quarter. Profund Advisors LLC lifted its stake in Patterson-UTI Energy by 17.1% in the second quarter. Profund Advisors LLC now owns 75,312 shares of the oil and gas company’s stock worth $780,000 after acquiring an additional 10,976 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its holdings in Patterson-UTI Energy by 279.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 655,449 shares of the oil and gas company’s stock worth $6,790,000 after acquiring an additional 482,500 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $9.25 on Wednesday. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month 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 has a fifty day moving average price of $8.23 and a 200 day moving average price of $8.59.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PTEN. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

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.