Intech Investment Management LLC Purchases 111,939 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Intech Investment Management LLC lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 185.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 172,384 shares of the oil and gas company's stock after buying an additional 111,939 shares during the quarter. Intech Investment Management LLC's holdings in Patterson-UTI Energy were worth $1,319,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. grew its stake in shares of Patterson-UTI Energy by 6.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 46,945 shares of the oil and gas company's stock worth $359,000 after purchasing an additional 2,730 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in Patterson-UTI Energy during the 3rd quarter valued at approximately $153,000. Swiss National Bank grew its holdings in shares of Patterson-UTI Energy by 3.1% during the 3rd quarter. Swiss National Bank now owns 744,988 shares of the oil and gas company's stock worth $5,699,000 after purchasing an additional 22,500 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Patterson-UTI Energy by 9.4% in the third quarter. Thrivent Financial for Lutherans now owns 280,879 shares of the oil and gas company's stock worth $2,149,000 after purchasing an additional 24,107 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its stake in Patterson-UTI Energy by 5.8% during the third quarter. Mutual of America Capital Management LLC now owns 53,795 shares of the oil and gas company's stock worth $412,000 after acquiring an additional 2,955 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

PTEN traded up $0.12 during midday trading on Wednesday, reaching $8.46. The company had a trading volume of 5,862,367 shares, compared to its average volume of 7,212,292. The company has a market cap of $3.30 billion, a P/E ratio of -3.91 and a beta of 2.12. 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 moving average of $8.11 and a two-hundred day moving average of $9.23. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 3.78%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is presently -14.61%.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research analyst reports. Barclays cut their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Wednesday, October 16th. Stifel Nicolaus reduced their target price 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. Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Finally, ATB Capital cut their price target 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and an average price target 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.