Somerset Trust Co Has $200,000 Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Somerset Trust Co grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 57.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,175 shares of the oil and gas company’s stock after buying an additional 8,814 shares during the quarter. Somerset Trust Co’s holdings in Patterson-UTI Energy were worth $200,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PTEN. Pacer Advisors Inc. boosted its stake in Patterson-UTI Energy by 35.9% in the 3rd quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after purchasing an additional 5,275,525 shares during the period. State Street Corp lifted its holdings in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after buying an additional 478,064 shares during the period. Deprince Race & Zollo Inc. grew its holdings 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 valued at $62,880,000 after buying an additional 778,581 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Patterson-UTI Energy by 10.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock valued at $41,540,000 after buying an additional 494,250 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 1.7 %

Shares of NASDAQ:PTEN opened at $9.29 on Friday. The business has a 50-day moving average of $8.21 and a two-hundred day moving average of $8.63. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.44%. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research reports. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $11.63.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’s 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 completion of the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

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.