Citigroup Inc. Has $3.77 Million Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Citigroup Inc. raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 50.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492,472 shares of the oil and gas company's stock after acquiring an additional 165,710 shares during the quarter. Citigroup Inc. owned approximately 0.13% of Patterson-UTI Energy worth $3,767,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Patterson-UTI Energy by 10.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company's stock valued at $41,540,000 after buying an additional 494,250 shares during the period. Pacer Advisors Inc. lifted its stake in Patterson-UTI Energy by 35.9% in the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company's stock valued at $152,793,000 after buying an additional 5,275,525 shares during the last quarter. Intech Investment Management LLC lifted its stake in Patterson-UTI Energy by 185.2% in the third quarter. Intech Investment Management LLC now owns 172,384 shares of the oil and gas company's stock valued at $1,319,000 after buying an additional 111,939 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Patterson-UTI Energy by 6.2% in the third quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company's stock valued at $359,000 after buying an additional 2,730 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new position in shares of Patterson-UTI Energy in the third quarter valued at approximately $153,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PTEN. 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. Raymond James reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Susquehanna reduced their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research report on Friday, October 11th. Finally, ATB Capital cut 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.88.

Patterson-UTI Energy Stock Down 0.1 %

Shares of PTEN stock traded down $0.01 on Wednesday, reaching $8.19. 7,119,606 shares of the company's stock traded hands, compared to its average volume of 7,193,787. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The company has a market capitalization of $3.19 billion, a P/E ratio of -3.74 and a beta of 2.12. The business's 50 day moving average price is $8.11 and its two-hundred day moving average price is $9.14.

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.91%. Patterson-UTI Energy's dividend payout ratio (DPR) 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.