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

Swiss National Bank boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 744,988 shares of the oil and gas company’s stock after purchasing an additional 22,500 shares during the quarter. Swiss National Bank’s holdings in Patterson-UTI Energy were worth $5,699,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth $152,265,000. Ninepoint Partners LP acquired a new position in Patterson-UTI Energy during the 2nd quarter worth $51,800,000. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the period. Nisa Investment Advisors LLC boosted its position in Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock worth $17,052,000 after acquiring an additional 1,588,067 shares during the period. Finally, Canoe Financial LP boosted its position in Patterson-UTI Energy by 15,942.1% during the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after acquiring an additional 1,514,500 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PTEN shares. Royal Bank of Canada reduced 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. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Raymond James dropped their price objective 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 dropped their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. Finally, Barclays dropped their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Up 1.4 %

Shares of Patterson-UTI Energy stock opened at $8.46 on Thursday. The stock’s fifty day moving average is $8.11 and its 200-day moving average is $9.23. The firm has a market capitalization of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12. 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 12-month low of $7.38 and a 12-month high of $12.65.

Patterson-UTI Energy Announces Dividend

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 given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -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.