Louisiana State Employees Retirement System Has $1.32 Million Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Louisiana State Employees Retirement System raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 172,900 shares of the oil and gas company’s stock after acquiring an additional 17,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Patterson-UTI Energy were worth $1,323,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co increased its position in Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after acquiring an additional 100,626 shares during the period. Vanguard Group Inc. boosted its stake in shares of Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the last quarter. UniSuper Management Pty Ltd bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $990,000. Natixis bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at $617,000. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Patterson-UTI Energy by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after purchasing an additional 197,555 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PTEN shares. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Bank of America reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Susquehanna cut their target price 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. Royal Bank of Canada cut their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Piper Sandler cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. One 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 given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Down 3.3 %

Patterson-UTI Energy stock opened at $7.42 on Friday. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $13.14. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -3.39 and a beta of 2.12. The firm’s fifty day moving average price is $8.21 and its two-hundred day moving average price is $9.59. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

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.