Cerity Partners LLC Increases Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Cerity Partners LLC raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 82.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,338,844 shares of the oil and gas company’s stock after buying an additional 606,054 shares during the quarter. Cerity Partners LLC owned approximately 0.34% of Patterson-UTI Energy worth $10,242,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. Hexagon Capital Partners LLC increased its position in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of 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 worth $33,000 after buying an additional 3,087 shares during the last quarter. CWM LLC raised its position in shares of 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 buying an additional 2,012 shares during the period. Covestor Ltd raised its position in shares of Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock valued at $79,000 after purchasing an additional 5,506 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. ATB Capital reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Morgan Stanley decreased their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Raymond James decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. Finally, Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.34 on Wednesday. The stock has a market cap of $3.25 billion, a P/E ratio of -3.81 and a beta of 2.12. The company has a fifty day simple moving average of $8.12 and a 200-day simple moving average of $9.25. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued 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 3.84%. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Patterson-UTI Energy 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.