Sumitomo Mitsui Trust Group Inc. Acquires 7,338 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,135 shares of the oil and gas company’s stock after buying an additional 7,338 shares during the quarter. 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 institutional investors and hedge funds have also recently added to or reduced their stakes in PTEN. Vanguard Group Inc. lifted its position in 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 worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at about $990,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after purchasing an additional 100,626 shares during the period. Natixis bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at about $617,000. Finally, 1832 Asset Management L.P. raised its holdings in shares of Patterson-UTI Energy by 9.5% in the 1st quarter. 1832 Asset Management L.P. now owns 172,949 shares of the oil and gas company’s stock valued at $2,065,000 after purchasing an additional 15,000 shares during the period. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PTEN shares. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Barclays dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Citigroup lowered their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $8.13 on Thursday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The firm has a market capitalization of $3.17 billion, a P/E ratio of -3.71 and a beta of 2.12. The company’s 50 day moving average price is $8.08 and its two-hundred day moving average price is $9.31.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is currently -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.