Franklin Resources Inc. Purchases 47,640 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Franklin Resources Inc. boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 683,621 shares of the oil and gas company’s stock after buying an additional 47,640 shares during the period. Franklin Resources Inc.’s holdings in Patterson-UTI Energy were worth $5,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Patterson-UTI Energy by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 3,969,843 shares of the oil and gas company’s stock worth $41,128,000 after purchasing an additional 101,307 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Patterson-UTI Energy by 9.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,406 shares of the oil and gas company’s stock valued at $823,000 after acquiring an additional 7,146 shares in the last quarter. F M Investments LLC bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $5,698,000. Innealta Capital LLC acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth $95,000. Finally, Hara Capital LLC increased its position in shares of Patterson-UTI Energy by 23.2% in the second quarter. Hara Capital LLC now owns 205,353 shares of the oil and gas company’s stock worth $2,127,000 after purchasing an additional 38,691 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 2.1 %

NASDAQ:PTEN opened at $7.52 on Tuesday. Patterson-UTI Energy, Inc. has a one year low of $7.15 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The company has a market cap of $2.93 billion, a PE ratio of -3.43 and a beta of 2.12. The firm’s 50 day simple moving average is $8.00 and its 200 day simple moving average is $8.83.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PTEN shares. Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Barclays lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.71.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

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.