Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 12.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,167,871 shares of the oil and gas company’s stock after purchasing an additional 559,859 shares during the quarter. Principal Financial Group Inc. owned about 1.31% of Patterson-UTI Energy worth $39,535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. Vanguard Group Inc. increased its stake in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after acquiring an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Patterson-UTI Energy during the second quarter worth approximately $152,265,000. Deprince Race & Zollo Inc. raised its stake in Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares during the period. American Century Companies Inc. boosted its holdings 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 purchasing an additional 2,191,330 shares during the last quarter. Finally, Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $51,800,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PTEN shares. Barclays lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Piper Sandler reduced 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 report on Monday, July 15th. Raymond James decreased their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Finally, ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.70 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The firm’s 50-day simple moving average is $8.08 and its 200-day simple moving average is $9.43. The firm has a market cap of $3.39 billion, a PE ratio of -3.97 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued 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 dividend yield of 3.68%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

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.