US Bancorp DE Increases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

US Bancorp DE increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 355.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,167 shares of the oil and gas company's stock after buying an additional 78,950 shares during the period. US Bancorp DE's holdings in Patterson-UTI Energy were worth $774,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PTEN. Norden Group LLC purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $121,000. Texas Permanent School Fund Corp grew its holdings in Patterson-UTI Energy by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 281,205 shares of the oil and gas company's stock worth $3,358,000 after acquiring an additional 3,653 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $502,000. Swiss National Bank raised its holdings in shares of Patterson-UTI Energy by 5.7% in the 1st quarter. Swiss National Bank now owns 741,588 shares of the oil and gas company's stock valued at $8,855,000 after purchasing an additional 40,200 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter worth $4,938,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Down 1.3 %

Shares of NASDAQ PTEN traded down $0.11 during mid-day trading on Friday, hitting $8.30. 5,755,855 shares of the company were exchanged, compared to its average volume of 10,396,551. 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 1-year low of $7.38 and a 1-year high of $12.65. The stock has a 50 day simple moving average of $8.09 and a 200-day simple moving average of $9.46.

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 given 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 dividend yield of 3.86%. Patterson-UTI Energy's payout ratio is currently -14.61%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Susquehanna dropped their target price 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. Morgan Stanley dropped their price objective on 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. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a report on Monday, July 15th. Raymond James reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating for the company in a research report on Friday, October 25th. 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 research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average 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.