Nisa Investment Advisors LLC Sells 1,231,122 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Nisa Investment Advisors LLC decreased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 74.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 414,809 shares of the oil and gas company’s stock after selling 1,231,122 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Patterson-UTI Energy were worth $3,173,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PTEN. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $152,265,000. Ninepoint Partners LP acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $51,800,000. American Century Companies Inc. raised its holdings in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $24,116,000. Finally, Vanguard Group Inc. raised its holdings 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 worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 3.3 %

Shares of PTEN opened at $7.42 on Friday. 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 company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The business’s fifty day moving average price is $8.21 and its two-hundred day moving average price is $9.59. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $13.14.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given 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%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Stifel Nicolaus dropped their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Barclays decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, Susquehanna decreased their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.88.

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.