Somerset Trust Co Invests $118,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Somerset Trust Co purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,361 shares of the oil and gas company’s stock, valued at approximately $118,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. InTrack Investment Management Inc lifted its stake in shares of Patterson-UTI Energy by 3.2% in the 2nd 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 period. Hexagon Capital Partners LLC boosted its holdings in shares of Patterson-UTI Energy by 119.5% in the second 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 in the last quarter. Fortitude Family Office LLC increased its stake in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,594 shares during the period. Finally, Sage Rhino Capital LLC raised its holdings 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 purchasing an additional 1,724 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PTEN. Barclays lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Citigroup decreased their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. StockNews.com raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, October 4th. ATB Capital decreased their price target 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. Finally, Susquehanna lowered their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.13.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $8.04 on Thursday. The company has a 50-day simple moving average of $8.60 and a 200-day simple moving average of $10.05. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The company has a market cap of $3.23 billion, a PE ratio of 11.82 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12 month low of $7.45 and a 12 month high of $14.26.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post 0.28 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 3.98%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

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.