Natixis Advisors LLC Sells 46,908 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Natixis Advisors LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 582,990 shares of the oil and gas company’s stock after selling 46,908 shares during the quarter. Natixis Advisors LLC’s holdings in Patterson-UTI Energy were worth $4,460,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co boosted its holdings in Patterson-UTI Energy by 25.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after acquiring an additional 100,626 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Patterson-UTI Energy by 6.4% during the 2nd 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 purchasing an additional 197,555 shares in the last quarter. Stanley Laman Group Ltd. raised its holdings in shares of Patterson-UTI Energy by 30.8% in the second quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company’s stock worth $3,093,000 after buying an additional 70,229 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth $623,000. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the topic of several research reports. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. ATB Capital decreased 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 note on Wednesday, September 4th. Finally, Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Trading Up 3.8 %

PTEN stock opened at $8.68 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.38 billion, a P/E ratio of -3.96 and a beta of 2.12. The company’s 50-day simple moving average is $8.11 and its 200-day simple moving average is $9.28.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.69%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Patterson-UTI Energy Company 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.