Advisors Asset Management Inc. Buys 2,730 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Advisors Asset Management Inc. increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 6.2% in the third quarter, Holdings Channel reports. The institutional investor owned 46,945 shares of the oil and gas company’s stock after acquiring an additional 2,730 shares during the period. Advisors Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. bought a new position in shares of Patterson-UTI Energy during the second quarter valued at approximately $152,265,000. Deprince Race & Zollo Inc. lifted its position in shares of Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after purchasing an additional 2,191,330 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares during the last quarter. Finally, Ninepoint Partners LP purchased a new position in Patterson-UTI Energy in the 2nd quarter worth about $51,800,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Up 1.4 %

Patterson-UTI Energy stock opened at $8.46 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 stock has a market cap of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12. The stock has a 50-day moving average of $8.12 and a two-hundred day moving average of $9.23. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PTEN. Barclays lowered 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 report on Wednesday, October 16th. Raymond James cut their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. ATB Capital cut 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 report on Wednesday, September 4th. Finally, Morgan Stanley lowered 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. One equities research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.