Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Blue Trust Inc.

Blue Trust Inc. increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 25.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 9,498 shares of the oil and gas company’s stock after buying an additional 1,901 shares during the period. Blue Trust Inc.’s holdings in Patterson-UTI Energy were worth $73,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Hexagon Capital Partners LLC boosted its stake in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the period. Fidelis Capital Partners LLC acquired a new position in Patterson-UTI Energy during the 1st quarter valued at about $56,000. CWM LLC boosted its stake in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the period. Finally, Innealta Capital LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter valued at about $95,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Up 0.8 %

NASDAQ PTEN opened at $7.85 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.32. The company’s 50 day simple moving average is $8.27 and its 200 day simple moving average is $9.63. Patterson-UTI Energy, Inc. has a 12 month low of $7.45 and a 12 month high of $13.14. The company has a market capitalization of $3.09 billion, a P/E ratio of -3.58 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.08%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays reduced their target price 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, Citigroup reduced their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $11.96.

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.