Deutsche Bank AG Has $30.46 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Deutsche Bank AG increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) by 182.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,932,686 shares of the oil and gas company’s stock after acquiring an additional 1,248,006 shares during the period. Deutsche Bank AG’s holdings in Patterson-UTI Energy were worth $30,459,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. CI Investments Inc. acquired a new stake in Patterson-UTI Energy during the first quarter worth approximately $39,000. Xponance Inc. acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $183,000. AlphaCrest Capital Management LLC acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $187,000. Perennial Investment Advisors LLC acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $219,000. Finally, Ethic Inc. acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $220,000. Institutional investors and hedge funds own 99.72% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $18.05 on Friday. The business’s fifty day simple moving average is $15.55 and its 200 day simple moving average is $15.59. Patterson-UTI Energy, Inc. has a 12 month low of $6.70 and a 12 month high of $20.53. The company has a current ratio of 1.55, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52.

Patterson-UTI Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a dividend of $0.08 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.04. This represents a $0.32 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Wednesday, November 30th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -11.19%.

Insider Buying and Selling

In other Patterson-UTI Energy news, insider James Michael Holcomb sold 58,335 shares of the firm’s stock in a transaction on Friday, November 4th. The stock was sold at an average price of $18.65, for a total value of $1,087,947.75. Following the completion of the sale, the insider now directly owns 273,108 shares of the company’s stock, valued at $5,093,464.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on PTEN. Morgan Stanley raised their price objective on Patterson-UTI Energy from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, November 1st. TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c” rating in a research note on Thursday, November 10th. Barclays raised their target price on Patterson-UTI Energy from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 28th. Piper Sandler raised their target price on Patterson-UTI Energy to $24.00 in a report on Tuesday, November 1st. Finally, StockNews.com upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday, November 1st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Patterson-UTI Energy Company Profile

(Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

Further Reading

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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