Nisa Investment Advisors LLC Has $3.17 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nisa Investment Advisors LLC decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 74.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414,809 shares of the oil and gas company's stock after selling 1,231,122 shares during the period. Nisa Investment Advisors LLC owned 0.11% of Patterson-UTI Energy worth $3,173,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. InTrack Investment Management Inc raised its holdings in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock worth $341,000 after purchasing an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of 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 last quarter. Sage Rhino Capital LLC boosted its stake in shares of Patterson-UTI Energy by 15.8% during the 2nd 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 in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 10.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company's stock worth $150,000 after acquiring an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded down $0.25 during trading hours on Friday, reaching $7.42. 9,479,094 shares of the company's stock were exchanged, compared to its average volume of 9,654,175. The business has a fifty day moving average price of $8.21 and a 200-day moving average price of $9.59. The stock has a market capitalization of $2.89 billion, a P/E ratio of -3.39 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 0.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $13.14.

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 given a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.31%. Patterson-UTI Energy's dividend payout ratio is -14.61%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Stifel Nicolaus reduced their target price 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. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Citigroup decreased 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 report on Thursday. Piper Sandler dropped 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 Monday, July 15th. Finally, Barclays lowered their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.