Fmr LLC Has $2.92 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

FMR LLC trimmed its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 81.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 382,223 shares of the oil and gas company's stock after selling 1,672,756 shares during the period. FMR LLC owned 0.10% of Patterson-UTI Energy worth $2,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in PTEN. Massmutual Trust Co. FSB ADV raised its holdings 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. CWM LLC raised its stake in 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 valued at $63,000 after purchasing an additional 2,012 shares in the last quarter. Covestor Ltd lifted its position in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 3,307 shares during the period. Blue Trust Inc. grew its stake in Patterson-UTI Energy by 263.3% during the second quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company's stock worth $79,000 after buying an additional 5,506 shares in the last quarter. Finally, Innealta Capital LLC bought a new position in Patterson-UTI Energy in the 2nd quarter valued at about $95,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Up 1.3 %

Shares of Patterson-UTI Energy stock traded up $0.10 on Friday, hitting $7.72. 6,560,875 shares of the company's stock traded hands, compared to its average volume of 6,889,519. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -3.53 and a beta of 2.12. The company has a fifty day moving average of $8.10 and a two-hundred day moving average of $8.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 4.15%. Patterson-UTI Energy's payout ratio is presently -14.61%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PTEN. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $11.00 to $10.00 in a research report on Friday. ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 4th. Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research report on Friday, October 11th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a report on Friday, October 11th. Finally, Citigroup reduced their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $11.71.

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.