Commerce Bank Sells 11,375 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Commerce Bank cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 43.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,043 shares of the oil and gas company’s stock after selling 11,375 shares during the quarter. Commerce Bank’s holdings in Patterson-UTI Energy were worth $115,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Prospera Private Wealth LLC acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $153,000. Swiss National Bank increased its holdings in shares of Patterson-UTI Energy by 3.1% during the 3rd quarter. Swiss National Bank now owns 744,988 shares of the oil and gas company’s stock worth $5,699,000 after acquiring an additional 22,500 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Patterson-UTI Energy by 9.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 280,879 shares of the oil and gas company’s stock worth $2,149,000 after acquiring an additional 24,107 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Patterson-UTI Energy by 5.8% during the 3rd quarter. Mutual of America Capital Management LLC now owns 53,795 shares of the oil and gas company’s stock worth $412,000 after acquiring an additional 2,955 shares during the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Patterson-UTI Energy by 23.8% during the 3rd quarter. Royce & Associates LP now owns 1,003,330 shares of the oil and gas company’s stock worth $7,675,000 after acquiring an additional 193,160 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.46 on Thursday. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12 month low of $7.38 and a 12 month high of $12.65. The stock has a 50-day moving average price of $8.11 and a two-hundred day moving average price of $9.23.

Patterson-UTI Energy Announces Dividend

The company 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 $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.78%. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PTEN shares. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Morgan Stanley decreased 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. Susquehanna decreased their price objective 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. Raymond James decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Finally, Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.