UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 20,448 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 761,091 shares of the oil and gas company’s stock after buying an additional 20,448 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.20% of Patterson-UTI Energy worth $5,822,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PTEN. Massmutual Trust Co. FSB ADV boosted its holdings in shares of 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 worth $33,000 after acquiring an additional 3,087 shares during the period. Covestor Ltd grew 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 purchasing an additional 3,307 shares during the last quarter. CWM LLC grew its stake 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 worth $63,000 after purchasing an additional 2,012 shares during the last quarter. Blue Trust Inc. boosted its position 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 valued at $73,000 after acquiring an additional 1,901 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in Patterson-UTI Energy during the third quarter valued at $75,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 2.0 %

Shares of PTEN opened at $7.84 on Wednesday. The firm’s 50-day moving average price is $8.13 and its 200-day moving average price is $9.02. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -3.58 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Barclays cut their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, ATB Capital lowered their price objective 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.