Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 11.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 758,907 shares of the oil and gas company's stock after purchasing an additional 78,400 shares during the period. Public Sector Pension Investment Board owned approximately 0.19% of Patterson-UTI Energy worth $5,806,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Hexagon Capital Partners LLC grew its stake in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Patterson-UTI Energy by 250.4% during 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 boosted its position in Patterson-UTI Energy by 92.4% during the 3rd 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. CWM LLC increased its holdings in Patterson-UTI Energy by 49.9% in the 2nd 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. Finally, Blue Trust Inc. raised its position in Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after purchasing an additional 1,901 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Down 0.7 %

NASDAQ:PTEN traded down $0.06 during mid-day trading on Friday, reaching $8.40. The stock had a trading volume of 2,874,478 shares, compared to its average volume of 7,662,561. The stock's 50 day simple moving average is $8.12 and its two-hundred day simple moving average is $9.19. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.12. 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 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 paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.81%. Patterson-UTI Energy's payout ratio is -14.61%.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent research reports. ATB Capital lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Wednesday, September 4th. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Saturday, October 12th. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Raymond James lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating for the company in a report on Friday, October 25th. Finally, Susquehanna dropped 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus target price of $11.88.

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.