US Bancorp DE Purchases 78,950 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

US Bancorp DE lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 355.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,167 shares of the oil and gas company’s stock after purchasing an additional 78,950 shares during the quarter. US Bancorp DE’s holdings in Patterson-UTI Energy were worth $774,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. InTrack Investment Management Inc increased its stake in Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after acquiring an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares during the last quarter. Sage Rhino Capital LLC increased its stake in Patterson-UTI Energy by 15.8% during the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 1,724 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Patterson-UTI Energy by 10.6% during the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after acquiring an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Down 1.3 %

Shares of NASDAQ PTEN opened at $8.30 on Friday. 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 capitalization of $3.23 billion, a price-to-earnings ratio of -3.79 and a beta of 2.12. The stock has a 50 day moving average price of $8.09 and a 200 day moving average price of $9.46. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 dividend yield of 3.86%. Patterson-UTI Energy’s payout ratio is -14.61%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PTEN. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. ATB Capital reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Raymond James dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.