Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Blue Trust Inc.

Blue Trust Inc. raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 25.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,498 shares of the oil and gas company’s stock after purchasing an additional 1,901 shares during the quarter. Blue Trust Inc.’s holdings in Patterson-UTI Energy were worth $73,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at $51,800,000. American Century Companies Inc. raised its stake in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after acquiring an additional 2,191,330 shares during the period. Webs Creek Capital Management LP purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at $24,116,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after acquiring an additional 1,588,067 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

PTEN opened at $7.85 on Thursday. The company has a 50-day moving average of $8.27 and a 200-day moving average of $9.63. The company has a market capitalization of $3.09 billion, a P/E ratio of -3.58 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 1-year low of $7.45 and a 1-year high of $13.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

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 given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PTEN shares. Bank of America cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. Citigroup dropped their price target on shares of 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. Morgan Stanley dropped their price target on shares of 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. Piper Sandler dropped their price target 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 Monday, July 15th. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $11.96.

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.