Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Increased by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,245,400 shares of the oil and gas company's stock after acquiring an additional 84,200 shares during the quarter. Ceredex Value Advisors LLC owned about 0.32% of Patterson-UTI Energy worth $9,527,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Hexagon Capital Partners LLC lifted its stake in shares of 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 purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after buying an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth approximately $56,000. CWM LLC increased its position in shares of Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of 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 valued at $73,000 after acquiring an additional 1,901 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research reports. Barclays decreased their price target on shares of 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. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Bank of America lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research report on Monday, July 15th. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus target price of $11.88.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded down $0.25 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's 50-day moving average is $8.21 and its two-hundred day moving average is $9.58. 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. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued 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 4.31%. Patterson-UTI Energy's dividend payout ratio 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.