Bernzott Capital Advisors Raises Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Bernzott Capital Advisors increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 26.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 845,639 shares of the oil and gas company's stock after purchasing an additional 178,703 shares during the period. Patterson-UTI Energy makes up about 2.8% of Bernzott Capital Advisors' portfolio, making the stock its 19th biggest holding. Bernzott Capital Advisors owned approximately 0.22% of Patterson-UTI Energy worth $6,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PTEN. Hexagon Capital Partners LLC raised its holdings in Patterson-UTI Energy by 119.5% in 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 in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after buying an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth $56,000. CWM LLC raised its holdings in shares of Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after buying an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after buying an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 2.4 %

Shares of NASDAQ PTEN traded down $0.19 during trading on Tuesday, reaching $7.79. The company had a trading volume of 8,134,301 shares, compared to its average volume of 7,114,061. The company's fifty day moving average price is $8.30 and its 200-day moving average price is $9.64. Patterson-UTI Energy, Inc. has a 12 month low of $7.45 and a 12 month high of $13.29. The stock has a market cap of $3.06 billion, a P/E ratio of -3.56 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.34.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced 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 is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.11%. Patterson-UTI Energy's payout ratio is -14.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PTEN shares. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a report on Monday, July 15th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Stifel Nicolaus lowered their price target 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. Citigroup reduced their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating on the stock in a research report on Friday, September 13th. Finally, Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and an average target price of $11.96.

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.