Pacer Advisors Inc. Grows Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Pacer Advisors Inc. grew its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 35.9% during the third quarter, HoldingsChannel reports. The fund owned 19,972,894 shares of the oil and gas company’s stock after purchasing an additional 5,275,525 shares during the period. Pacer Advisors Inc. owned 0.05% of Patterson-UTI Energy worth $152,793,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $51,800,000. American Century Companies Inc. increased 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 valued at $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP purchased a new position in Patterson-UTI Energy during the first quarter worth $24,116,000. Nisa Investment Advisors LLC increased its position in Patterson-UTI Energy by 2,744.5% during 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 buying an additional 1,588,067 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 0.2 %

Shares of NASDAQ:PTEN opened at $8.13 on Thursday. 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. The company’s fifty day moving average is $8.08 and its 200-day moving average is $9.31.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. Patterson-UTI Energy’s payout ratio is presently -14.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PTEN shares. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Citigroup reduced their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. ATB Capital dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Susquehanna lowered their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Finally, Raymond James lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.