State Street Corp Grows Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

State Street Corp lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 9.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 15,435,258 shares of the oil and gas company's stock after acquiring an additional 1,352,840 shares during the quarter. State Street Corp owned 3.96% of Patterson-UTI Energy worth $118,080,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Massmutual Trust Co. FSB ADV grew its position in Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after acquiring an additional 3,087 shares in the last quarter. Covestor Ltd grew its holdings in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 3,307 shares in the last quarter. CWM LLC increased its stake in 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 during the period. Blue Trust Inc. lifted its holdings in 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. Finally, nVerses Capital LLC acquired a new position in shares of Patterson-UTI Energy in the third quarter worth $75,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded down $0.18 during trading hours on Monday, hitting $7.54. 6,331,488 shares of the stock were exchanged, compared to its average volume of 7,225,732. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65. The stock has a 50-day moving average of $8.08 and a 200 day moving average of $8.94. The company has a market cap of $2.94 billion, a price-to-earnings ratio of -3.44 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is presently -14.61%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several analyst reports. Citigroup reduced their price objective 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. Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a report on Friday, October 11th. Royal Bank of Canada lowered their price objective on 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. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus price target of $11.71.

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.