Public Sector Pension Investment Board Increases Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Public Sector Pension Investment Board increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 758,907 shares of the oil and gas company’s stock after purchasing an additional 78,400 shares during the quarter. Public Sector Pension Investment Board owned 0.19% of Patterson-UTI Energy worth $5,806,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Patterson-UTI Energy by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock worth $33,791,000 after buying an additional 197,555 shares during the period. Stanley Laman Group Ltd. boosted its stake in shares of Patterson-UTI Energy by 30.8% during the second quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company’s stock valued at $3,093,000 after purchasing an additional 70,229 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Patterson-UTI Energy in the second quarter worth approximately $495,000. Boston Partners increased its stake in shares of Patterson-UTI Energy by 8.4% in the first quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock worth $22,679,000 after buying an additional 148,521 shares during the period. Finally, Grace & White Inc. NY raised its holdings in Patterson-UTI Energy by 668.6% during the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after buying an additional 243,368 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Trading Down 0.7 %

Shares of NASDAQ PTEN opened at $8.40 on Friday. The stock has a market cap of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The firm has a 50-day moving average of $8.12 and a 200 day moving average of $9.20.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PTEN shares. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Raymond James dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. ATB Capital reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $11.88.

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.