Chartwell Investment Partners LLC Invests $3.34 Million in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Chartwell Investment Partners LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 437,028 shares of the oil and gas company’s stock, valued at approximately $3,343,000. Chartwell Investment Partners LLC owned about 0.11% of Patterson-UTI Energy at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PTEN. Vanguard Group Inc. increased its holdings in Patterson-UTI Energy by 3.5% in 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 purchasing an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. bought a new stake in Patterson-UTI Energy in the second quarter worth approximately $152,265,000. Deprince Race & Zollo Inc. increased its holdings in Patterson-UTI Energy by 14.7% in the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares in the last quarter. American Century Companies Inc. increased its holdings in 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 worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $8.39 on Wednesday. The stock’s 50 day moving average is $8.07 and its 200 day moving average is $9.41. 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, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. The company has a market capitalization of $3.27 billion, a P/E ratio of -3.83 and a beta of 2.12.

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 paid a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.81%. Patterson-UTI Energy’s dividend payout ratio is -14.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PTEN shares. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Raymond James reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, ATB Capital cut 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. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

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.