Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Cerity Partners LLC

Cerity Partners LLC raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 82.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,338,844 shares of the oil and gas company’s stock after acquiring an additional 606,054 shares during the period. Cerity Partners LLC’s holdings in Patterson-UTI Energy were worth $10,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Patterson-UTI Energy by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company’s stock valued at $2,428,000 after purchasing an additional 12,841 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Patterson-UTI Energy in the first quarter valued at approximately $623,000. Janus Henderson Group PLC boosted its holdings in shares of Patterson-UTI Energy by 17.1% in the first quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company’s stock valued at $2,195,000 after acquiring an additional 26,916 shares during the period. Webs Creek Capital Management LP purchased a new position in shares of Patterson-UTI Energy during the first quarter worth approximately $24,116,000. Finally, EMC Capital Management acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at $262,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 3.2 %

Shares of NASDAQ PTEN opened at $8.34 on Wednesday. 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 50-day moving average price of $8.12 and a 200 day moving average price of $9.25. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -3.81 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The company 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analysts Set New Price Targets

A number of research firms have commented on PTEN. Citigroup dropped 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. ATB Capital reduced their price objective on 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. Raymond James lowered their target price 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. Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Finally, 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 on the stock in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $11.88.

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.