Victory Capital Management Inc. Purchases 95,289 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Victory Capital Management Inc. lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 881,036 shares of the oil and gas company's stock after buying an additional 95,289 shares during the period. Victory Capital Management Inc. owned about 0.23% of Patterson-UTI Energy worth $6,740,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its position in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 3,087 shares in the last quarter. Covestor Ltd increased its stake in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after buying an additional 3,307 shares during the period. CWM LLC lifted its holdings in shares of 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 worth $63,000 after buying an additional 2,012 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 25.0% during the third 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 during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of research reports. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Barclays reduced their price target 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. Stifel Nicolaus dropped 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. Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research report on Friday, October 11th. Finally, Morgan Stanley dropped their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.88.

Patterson-UTI Energy Trading Up 5.0 %

PTEN traded up $0.42 during trading on Friday, reaching $8.78. 6,903,822 shares of the company's stock were exchanged, compared to its average volume of 7,197,041. The company's fifty day moving average price is $8.09 and its 200-day moving average price is $9.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65. The firm has a market capitalization of $3.42 billion, a PE ratio of -3.82 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.

Patterson-UTI Energy 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.