EMC Capital Management Cuts Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

EMC Capital Management trimmed its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.0% during the 4th quarter, HoldingsChannel reports. The firm owned 21,913 shares of the oil and gas company’s stock after selling 2,719 shares during the quarter. EMC Capital Management’s holdings in Patterson-UTI Energy were worth $181,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its holdings in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,358 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after acquiring an additional 1,501 shares during the last quarter. KBC Group NV grew its holdings in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 1,723 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in Patterson-UTI Energy by 10.6% in the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.24 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The firm has a 50-day moving average of $8.29 and a two-hundred day moving average of $8.55. Patterson-UTI Energy, Inc. has a 1 year low of $7.15 and a 1 year high of $12.65.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Susquehanna decreased their price objective on 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. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Stifel Nicolaus decreased their price target on 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 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 stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction on 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. The trade was a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

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.