Barclays Sets $8 Price Target on Patterson-UTI, Major Funds Shuffle Stakes
Barclays analyst Eddie Kim set a $8 price target on Patterson-UTI Energy, implying 7.6% downside from current levels. Major shareholders rebalanced: Principal Financial cut its stake by 2.8%, while American Century boosted holdings 23.4% and Sourcerock more than doubled its position.
1. Barclays Price Target Cuts Outlook
Barclays analyst Eddie Kim set a price target of $8 for Patterson-UTI Energy, implying a potential 7.6% downside from recent trading levels around $8.66.
2. Principal Financial Group Reduces Stake
Principal Financial Group trimmed its Patterson-UTI position by 2.8%, selling 128,992 shares to hold 4.42 million shares valued at $22.9 million, lowering its ownership to approximately 1.17%.
3. American Century Companies Increases Holdings
American Century Companies boosted its stake by 23.4%, adding 2.75 million shares to reach 14.46 million shares worth $85.8 million, signaling a notable rise in its position.
4. Sourcerock Group Doubles Investment
Sourcerock Group LLC more than doubled its Patterson-UTI stake, increasing holdings by 109.2%, reflecting growing confidence in the company’s drilling and pressure pumping services.