Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Lifted by Verition Fund Management LLC

Verition Fund Management LLC lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 58.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 154,232 shares of the oil and gas company’s stock after acquiring an additional 57,115 shares during the period. Verition Fund Management LLC’s holdings in Patterson-UTI Energy were worth $1,180,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. increased its position in shares of Patterson-UTI Energy by 35.9% in the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after acquiring an additional 5,275,525 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in 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 during the period. American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Patterson-UTI Energy by 10.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock worth $41,540,000 after acquiring an additional 494,250 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Patterson-UTI Energy by 12.1% during the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock valued at $39,535,000 after acquiring an additional 559,859 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 7.9 %

Shares of PTEN stock opened at $7.49 on Friday. The stock’s 50 day simple moving average is $8.13 and its 200 day simple moving average is $9.08. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month 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. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -3.42 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 4.27%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PTEN. Susquehanna decreased 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 report on Friday, October 11th. Stifel Nicolaus lowered their price target 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. Barclays cut their price objective 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. Royal Bank of Canada lowered their target price on 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, Raymond James dropped their target price on 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.