Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by Fmr LLC

Fmr LLC cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 81.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 382,223 shares of the oil and gas company’s stock after selling 1,672,756 shares during the period. Fmr LLC owned approximately 0.10% of Patterson-UTI Energy worth $2,924,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Patterson-UTI Energy during the second quarter valued at approximately $495,000. Grace & White Inc. NY lifted its stake in Patterson-UTI Energy by 668.6% during the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after purchasing an additional 243,368 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after acquiring an additional 1,588,067 shares in the last quarter. Signaturefd LLC lifted its position in shares of Patterson-UTI Energy by 64.5% in the 3rd quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock valued at $145,000 after acquiring an additional 7,432 shares in the last quarter. Finally, Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $51,800,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Susquehanna reduced their price target on shares of 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 reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Citigroup reduced their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $7.72 on Friday. The company has a 50-day moving average of $8.10 and a 200-day moving average of $8.97. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of -3.53 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.15%. 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.