Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 12.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,167,871 shares of the oil and gas company's stock after purchasing an additional 559,859 shares during the period. Principal Financial Group Inc. owned 1.31% of Patterson-UTI Energy worth $39,535,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PTEN. InTrack Investment Management Inc boosted its stake in Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock worth $341,000 after buying an additional 1,037 shares during the period. 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 buying an additional 1,307 shares during the period. Sage Rhino Capital LLC raised its stake in shares of Patterson-UTI Energy by 15.8% in the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company's stock valued at $131,000 after acquiring an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC grew its position 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 valued at $150,000 after buying an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 25.0% during the third 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 during the period. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Performance

PTEN stock traded down $0.26 during mid-day trading on Tuesday, hitting $8.44. The company had a trading volume of 4,429,161 shares, compared to its average volume of 7,228,593. Patterson-UTI Energy, Inc. has a 12 month low of $7.38 and a 12 month high of $12.65. The stock's fifty day moving average price is $8.08 and its two-hundred day moving average price is $9.43. 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 firm has a market cap of $3.29 billion, a PE ratio of -3.97 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business 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. This represents a $0.32 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.

Wall Street Analyst Weigh In

PTEN has been the topic of several research reports. Bank of America cut their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research report on Monday, July 15th. ATB Capital cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Wednesday, September 4th. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research note on Friday, October 11th. Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. 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, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and an average 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.