Ceredex Value Advisors LLC Buys 84,200 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Ceredex Value Advisors LLC boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,245,400 shares of the oil and gas company’s stock after purchasing an additional 84,200 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.32% of Patterson-UTI Energy worth $9,527,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. CANADA LIFE ASSURANCE Co boosted its position in shares of Patterson-UTI Energy by 25.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after acquiring an additional 100,626 shares during the period. Vanguard Group Inc. boosted its holdings in Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the period. UniSuper Management Pty Ltd purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at $990,000. Natixis bought a new position in shares of Patterson-UTI Energy in the first quarter worth $617,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Patterson-UTI Energy by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock worth $33,791,000 after buying an additional 197,555 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 3.3 %

NASDAQ PTEN opened at $7.42 on Friday. The firm has a market cap of $2.89 billion, a PE ratio of -3.39 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $13.14. The stock has a 50-day moving average of $8.21 and a 200-day moving average of $9.59. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The business 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 dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Analyst Ratings Changes

Several research firms recently commented on PTEN. Morgan Stanley reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Barclays decreased their price objective on shares of 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. Citigroup lowered their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Piper Sandler dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One research 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 company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average target price of $11.88.

About Patterson-UTI Energy

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.