Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by State Street Corp

State Street Corp grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,435,258 shares of the oil and gas company’s stock after purchasing an additional 1,352,840 shares during the quarter. State Street Corp owned approximately 3.96% of Patterson-UTI Energy worth $118,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Stifel Financial Corp boosted its position in shares of Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock valued at $645,000 after purchasing an additional 42,824 shares during the period. Quantinno Capital Management LP acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $97,000. Point72 DIFC Ltd purchased a new position in shares of Patterson-UTI Energy during the third quarter worth approximately $332,000. Holocene Advisors LP increased its holdings in shares of Patterson-UTI Energy by 43.9% in the 3rd quarter. Holocene Advisors LP now owns 968,585 shares of the oil and gas company’s stock valued at $7,410,000 after acquiring an additional 295,663 shares during the period. Finally, ARGA Investment Management LP raised its position in Patterson-UTI Energy by 1,066.6% in the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after purchasing an additional 1,792,655 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Susquehanna lowered their price objective on shares of 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. ATB Capital reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Citigroup decreased their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the company from $11.00 to $10.00 in a report on Friday. Finally, Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $7.72 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65. The company has a 50-day simple moving average of $8.10 and a 200-day simple moving average of $8.96. The company has a market capitalization of $3.01 billion, a PE ratio of -3.53 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 dividend on an annualized basis and a yield of 4.15%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

About Patterson-UTI Energy

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.