Thrivent Financial for Lutherans Increases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Thrivent Financial for Lutherans increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 280,879 shares of the oil and gas company’s stock after acquiring an additional 24,107 shares during the period. Thrivent Financial for Lutherans’ holdings in Patterson-UTI Energy were worth $2,149,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Mutual of America Capital Management LLC lifted its stake in shares of Patterson-UTI Energy by 5.8% during the 3rd quarter. Mutual of America Capital Management LLC now owns 53,795 shares of the oil and gas company’s stock worth $412,000 after acquiring an additional 2,955 shares during the last quarter. Royce & Associates LP lifted its stake in shares of Patterson-UTI Energy by 23.8% during the 3rd quarter. Royce & Associates LP now owns 1,003,330 shares of the oil and gas company’s stock worth $7,675,000 after acquiring an additional 193,160 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after acquiring an additional 1,501 shares during the last quarter. KBC Group NV lifted its stake in shares of Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after acquiring an additional 1,723 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after acquiring an additional 95,289 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research analyst reports. Raymond James decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. 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. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.46 on Thursday. The stock has a market cap of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12. The business has a 50-day simple moving average of $8.11 and a 200-day simple moving average of $9.23. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.78%. 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.