Stifel Financial Corp Purchases 42,824 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Stifel Financial Corp raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 103.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,307 shares of the oil and gas company’s stock after buying an additional 42,824 shares during the quarter. Stifel Financial Corp’s holdings in Patterson-UTI Energy were worth $645,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its stake in Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 1,501 shares in the last quarter. KBC Group NV boosted its holdings in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the period. Sage Rhino Capital LLC grew its position in shares of Patterson-UTI Energy by 15.8% in the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 1,879 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PTEN. Morgan Stanley reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Barclays lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Susquehanna reduced 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 analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $7.68 on Thursday. The firm has a fifty day simple moving average of $7.99 and a two-hundred day simple moving average of $8.80. 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 twelve month low of $7.15 and a twelve month high of $12.65. The company has a market capitalization of $2.99 billion, a PE ratio of -3.51 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

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.