Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,135 shares of the oil and gas company’s stock after buying an additional 7,338 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Patterson-UTI Energy were worth $422,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PTEN. Hexagon Capital Partners LLC boosted its stake in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Patterson-UTI Energy by 250.4% during the 3rd 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 in the last quarter. Covestor Ltd boosted its position 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 buying an additional 3,307 shares during the period. CWM LLC boosted its position 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 buying an additional 2,012 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of 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 worth $73,000 after acquiring an additional 1,901 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. ATB Capital cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, Morgan Stanley cut their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $8.13 on Thursday. The firm has a market cap of $3.17 billion, a PE ratio of -3.71 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. The company has a fifty day moving average price of $8.08 and a 200 day moving average price of $9.31.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio 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.