Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Swiss National Bank

Swiss National Bank grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 744,988 shares of the oil and gas company’s stock after purchasing an additional 22,500 shares during the period. Swiss National Bank owned approximately 0.19% of Patterson-UTI Energy worth $5,699,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $152,265,000. Deprince Race & Zollo Inc. raised its holdings in shares of Patterson-UTI Energy by 14.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after buying an additional 778,581 shares during the period. American Century Companies Inc. raised its holdings in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 12.1% during the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock valued at $39,535,000 after buying an additional 559,859 shares during the period. Finally, Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $51,800,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several analyst reports. Barclays dropped their target price 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. ATB Capital dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Susquehanna dropped their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, Morgan Stanley dropped their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. One 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.46 on Thursday. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -3.86 and a beta of 2.12. The stock has a 50 day moving average of $8.11 and a 200-day moving average of $9.23. 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 52 week low of $7.38 and a 52 week high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.78%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

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.