CIBC Asset Management Inc Raises Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

CIBC Asset Management Inc grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,336 shares of the oil and gas company’s stock after buying an additional 1,501 shares during the period. CIBC Asset Management Inc’s holdings in Patterson-UTI Energy were worth $171,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. CANADA LIFE ASSURANCE Co increased its stake in Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after acquiring an additional 100,626 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 3.5% during the 1st 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 during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Patterson-UTI Energy by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after buying an additional 197,555 shares during the period. Stanley Laman Group Ltd. lifted its position in Patterson-UTI Energy by 30.8% in the second quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company’s stock valued at $3,093,000 after buying an additional 70,229 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in Patterson-UTI Energy during the first quarter worth about $623,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on PTEN. Raymond James dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Barclays dropped their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, ATB Capital reduced their price target 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Stock Up 3.8 %

PTEN stock opened at $8.68 on Friday. The company’s 50 day moving average price is $8.11 and its 200 day moving average price is $9.28. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -3.96 and a beta of 2.12. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week 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.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio 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.