Commerce Bank Has $115,000 Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Commerce Bank decreased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 43.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,043 shares of the oil and gas company’s stock after selling 11,375 shares during the period. Commerce Bank’s holdings in Patterson-UTI Energy were worth $115,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its stake in shares of Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 3,087 shares during the period. Covestor Ltd increased its stake in shares of Patterson-UTI Energy by 92.4% in the third 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. CWM LLC increased its stake in shares of Patterson-UTI Energy by 49.9% in the second 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. Finally, Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.4 %

Shares of Patterson-UTI Energy stock opened at $8.46 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The stock has a 50 day moving average price of $8.11 and a two-hundred day moving average price of $9.23. The stock has a market capitalization of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently announced 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 is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.78%. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Wall Street Analyst Weigh In

PTEN has been the subject of several recent analyst reports. 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 research note on Friday, October 11th. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Stifel Nicolaus decreased their target price on 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. Morgan Stanley decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.88.

About Patterson-UTI Energy

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.