Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by US Bancorp DE

US Bancorp DE raised its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 355.4% during the third quarter, HoldingsChannel.com reports. 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 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth $152,265,000. Deprince Race & Zollo Inc. increased its position in shares of Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares in the last quarter. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. Finally, Ninepoint Partners LP acquired a new position in shares of Patterson-UTI Energy during the second quarter worth $51,800,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.30 on Friday. The business’s 50-day moving average is $8.09 and its two-hundred day moving average is $9.46. The company has a market capitalization of $3.23 billion, a P/E ratio of -3.79 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. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently declared 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. This represents a $0.32 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PTEN shares. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Susquehanna cut their target price 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. Royal Bank of Canada cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Raymond James cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock 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.