Wealth Enhancement Advisory Services LLC Reduces Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Wealth Enhancement Advisory Services LLC lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 13.4% in the third quarter, Holdings Channel reports. The fund owned 16,051 shares of the oil and gas company’s stock after selling 2,487 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Patterson-UTI Energy were worth $123,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Patterson-UTI Energy during the 1st quarter valued at approximately $502,000. Swiss National Bank grew its position in shares of Patterson-UTI Energy by 5.7% during the first quarter. Swiss National Bank now owns 741,588 shares of the oil and gas company’s stock worth $8,855,000 after buying an additional 40,200 shares in the last quarter. Qsemble Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the first quarter worth $298,000. Russell Investments Group Ltd. raised its holdings in Patterson-UTI Energy by 5.1% in the first quarter. Russell Investments Group Ltd. now owns 1,460,835 shares of the oil and gas company’s stock valued at $17,442,000 after acquiring an additional 71,146 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Patterson-UTI Energy by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 70,605 shares of the oil and gas company’s stock valued at $843,000 after acquiring an additional 4,835 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada cut 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 research note on Friday, October 25th. Morgan Stanley cut their price objective on 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. 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 research report on Friday, October 11th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Citigroup decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.39 on Wednesday. The firm has a fifty day moving average of $8.07 and a 200-day moving average of $9.41. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -3.83 and a beta of 2.12. 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.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

About Patterson-UTI Energy

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.