Citigroup Inc. Acquires 165,710 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Citigroup Inc. increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 50.7% during the 3rd quarter, Holdings Channel reports. The firm owned 492,472 shares of the oil and gas company’s stock after acquiring an additional 165,710 shares during the period. Citigroup Inc.’s holdings in Patterson-UTI Energy were worth $3,767,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PTEN. Hexagon Capital Partners LLC grew its stake in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Patterson-UTI Energy by 250.4% during the 3rd 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 during the last quarter. Covestor Ltd grew its holdings in Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the last quarter. CWM LLC grew its holdings in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

PTEN opened at $8.20 on Wednesday. The stock’s 50-day moving average price is $8.12 and its 200 day moving average price is $9.16. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month 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.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 yield of 3.90%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Raymond James dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. 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 report on Monday, September 16th. Finally, Barclays decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.88.

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.