Advisors Asset Management Inc. Grows Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Advisors Asset Management Inc. boosted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 46,945 shares of the oil and gas company’s stock after purchasing an additional 2,730 shares during the quarter. Advisors Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $359,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. InTrack Investment Management Inc lifted its holdings in shares of Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after purchasing an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC lifted 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 acquiring an additional 1,307 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after acquiring an additional 1,501 shares during the last quarter. KBC Group NV grew its stake in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the period. Finally, Sage Rhino Capital LLC grew its stake in shares of Patterson-UTI Energy by 15.8% in the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 1,724 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Raymond James cut their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Stifel Nicolaus cut their price objective 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. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Citigroup reduced their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley dropped their price objective on shares of 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 analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Trading Up 1.4 %

PTEN stock opened at $8.46 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65. The business has a 50 day simple moving average of $8.12 and a two-hundred day simple moving average of $9.23. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of -3.86 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

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

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.