Chartwell Investment Partners LLC Purchases Shares of 437,028 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Chartwell Investment Partners LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 437,028 shares of the oil and gas company's stock, valued at approximately $3,343,000. Chartwell Investment Partners LLC owned 0.11% of Patterson-UTI Energy as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in Patterson-UTI Energy in the 1st quarter valued at $502,000. Swiss National Bank increased its position in Patterson-UTI Energy by 5.7% during the first quarter. Swiss National Bank now owns 741,588 shares of the oil and gas company's stock worth $8,855,000 after acquiring an additional 40,200 shares during the period. Qsemble Capital Management LP acquired a new stake in Patterson-UTI Energy in the 1st quarter worth about $298,000. Russell Investments Group Ltd. boosted its holdings in Patterson-UTI Energy by 5.1% in the 1st quarter. Russell Investments Group Ltd. now owns 1,460,835 shares of the oil and gas company's stock valued at $17,442,000 after purchasing an additional 71,146 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Patterson-UTI Energy by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 70,605 shares of the oil and gas company's stock worth $843,000 after purchasing an additional 4,835 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PTEN. Morgan Stanley cut their price target 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. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, October 11th. ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Finally, Barclays reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.88.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN traded down $0.02 on Wednesday, hitting $8.37. The company had a trading volume of 6,924,000 shares, compared to its average volume of 7,234,902. The firm has a 50 day moving average of $8.07 and a two-hundred day moving average of $9.40. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -3.82 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -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.