BNP Paribas Financial Markets Acquires 90,691 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

BNP Paribas Financial Markets boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 34.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,713 shares of the oil and gas company’s stock after buying an additional 90,691 shares during the quarter. BNP Paribas Financial Markets owned about 0.09% of Patterson-UTI Energy worth $2,721,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC increased its holdings in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the last quarter. CWM LLC raised its position in shares of Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the period. Covestor Ltd lifted its stake in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after buying an additional 3,307 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Patterson-UTI Energy by 263.3% during the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock worth $79,000 after buying an additional 5,506 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $8.13 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. 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 firm has a market cap of $3.17 billion, a P/E ratio of -3.74 and a beta of 2.12. The firm’s 50-day simple moving average is $8.12 and its 200-day simple moving average is $9.13.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.94%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research analyst reports. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Citigroup reduced 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. ATB Capital dropped 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 report on Wednesday, September 4th. Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Raymond James decreased their price target on shares of 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 analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

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.