Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Amalgamated Bank

Amalgamated Bank boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.5% in the third quarter, Holdings Channel.com reports. The firm owned 106,753 shares of the oil and gas company’s stock after acquiring an additional 9,295 shares during the quarter. Amalgamated Bank’s holdings in Patterson-UTI Energy were worth $817,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PTEN. CANADA LIFE ASSURANCE Co lifted its position in shares of Patterson-UTI Energy by 25.4% during 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 acquiring an additional 100,626 shares during the period. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd acquired a new stake in Patterson-UTI Energy in the first quarter valued at $990,000. Natixis acquired a new stake in Patterson-UTI Energy in the first quarter valued at $617,000. Finally, Vaughan Nelson Investment Management L.P. increased its position in shares of Patterson-UTI Energy by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after buying an additional 197,555 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Raymond James dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. Barclays dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Royal Bank of Canada dropped their price target on 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. Finally, Susquehanna reduced their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.26 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of -3.77 and a beta of 2.12. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $12.65. The company has a 50 day moving average price of $8.07 and a 200 day moving average price of $9.39.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. 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 3.87%. Patterson-UTI Energy’s payout ratio is -14.61%.

Patterson-UTI Energy 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.