Kornitzer Capital Management Inc. KS Purchases 312,805 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Kornitzer Capital Management Inc. KS lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 111.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 593,320 shares of the oil and gas company’s stock after acquiring an additional 312,805 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.15% of Patterson-UTI Energy worth $4,539,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $51,800,000. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 62.8% in 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 acquiring an additional 2,191,330 shares during the last quarter. Webs Creek Capital Management LP acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $24,116,000. Finally, Nisa Investment Advisors LLC increased its position in shares of 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 valued at $17,052,000 after acquiring an additional 1,588,067 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.40 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $7.38 and a 12 month high of $12.65. The stock’s 50 day moving average is $8.11 and its 200-day moving average is $9.50. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -14.61%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PTEN shares. Bank of America lowered their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Barclays lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Finally, Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.