Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Holdings Trimmed by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lowered its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 74.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414,809 shares of the oil and gas company’s stock after selling 1,231,122 shares during the period. Nisa Investment Advisors LLC owned approximately 0.11% of Patterson-UTI Energy worth $3,173,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norden Group LLC bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth $121,000. Capstone Investment Advisors LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth $200,000. Fidelis Capital Partners LLC acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth $56,000. Hartree Partners LP raised its position in shares of Patterson-UTI Energy by 15.5% during the first quarter. Hartree Partners LP now owns 1,416,600 shares of the oil and gas company’s stock worth $16,914,000 after purchasing an additional 189,708 shares during the period. Finally, Texas Permanent School Fund Corp raised its position in shares of Patterson-UTI Energy by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 281,205 shares of the oil and gas company’s stock worth $3,358,000 after purchasing an additional 3,653 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Susquehanna cut their target price 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. 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. Piper Sandler dropped 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. Finally, Morgan Stanley dropped their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $7.42 on Friday. The business’s 50-day moving average price is $8.21 and its two-hundred day moving average price is $9.59. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $13.14. The company has a market capitalization of $2.89 billion, a P/E ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

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.