Royce & Associates LP Has $7.68 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Royce & Associates LP lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 23.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,003,330 shares of the oil and gas company's stock after purchasing an additional 193,160 shares during the quarter. Royce & Associates LP owned about 0.26% of Patterson-UTI Energy worth $7,675,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. CIBC Asset Management Inc raised its stake in Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company's stock valued at $171,000 after acquiring an additional 1,501 shares in the last quarter. KBC Group NV grew its position in Patterson-UTI Energy by 18.5% in the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock valued at $84,000 after buying an additional 1,723 shares in the last quarter. Victory Capital Management Inc. increased its stake in Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company's stock valued at $6,740,000 after buying an additional 95,289 shares during the period. Aptus Capital Advisors LLC bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $105,000. Finally, Aigen Investment Management LP bought a new position in shares of Patterson-UTI Energy in the third quarter valued at approximately $244,000. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 3.0 %

Patterson-UTI Energy stock traded up $0.24 during mid-day trading on Monday, hitting $8.28. The company's stock had a trading volume of 7,148,642 shares, compared to its average volume of 7,226,758. 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 52-week low of $7.38 and a 52-week high of $12.65. The firm's 50 day moving average is $8.07 and its 200 day moving average is $9.35. The company has a market cap of $3.23 billion, a PE ratio of -3.78 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research analyst reports. Morgan Stanley cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. ATB Capital lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. Barclays reduced their price objective 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. Finally, Citigroup dropped their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. One research 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.