Greenleaf Trust Buys 6,893 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Greenleaf Trust grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 65.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,435 shares of the oil and gas company’s stock after buying an additional 6,893 shares during the quarter. Greenleaf Trust’s holdings in Patterson-UTI Energy were worth $133,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PTEN. Hexagon Capital Partners LLC grew its position in 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 during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake 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 valued at $33,000 after purchasing an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $56,000. CWM LLC raised its holdings in Patterson-UTI Energy by 49.9% in the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. boosted its position 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 buying an additional 1,901 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

PTEN stock opened at $8.17 on Monday. Patterson-UTI Energy, Inc. has a 1 year low of $7.45 and a 1 year high of $13.29. The stock has a market capitalization of $3.21 billion, a PE ratio of 26.35 and a beta of 2.12. The company’s 50-day moving average is $8.35 and its 200-day moving average is $9.70. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.92%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 103.23%.

Analyst Ratings Changes

PTEN has been the subject of several analyst reports. Citigroup dropped their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Susquehanna lowered 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. ATB Capital reduced their price target on 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. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $11.96.

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.