Public Sector Pension Investment Board Acquires 78,400 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Public Sector Pension Investment Board increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 758,907 shares of the oil and gas company’s stock after purchasing an additional 78,400 shares during the quarter. Public Sector Pension Investment Board’s holdings in Patterson-UTI Energy were worth $5,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. purchased a new position in Patterson-UTI Energy in the 2nd quarter worth about $152,265,000. Ninepoint Partners LP bought a new position in Patterson-UTI Energy during the second quarter valued at approximately $51,800,000. American Century Companies Inc. lifted its position in 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. Nisa Investment Advisors LLC boosted its holdings in Patterson-UTI Energy by 2,744.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock worth $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. Finally, Canoe Financial LP grew its position in Patterson-UTI Energy by 15,942.1% in 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 purchasing an additional 1,514,500 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $8.40 on Friday. The company has a market capitalization of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65. The firm’s 50 day simple moving average is $8.12 and its two-hundred day simple moving average is $9.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Dividend Announcement

The company 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 dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. 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. 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 note on Friday, October 25th. Finally, Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.88.

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.