Grace & White Inc. NY Acquires 243,368 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Grace & White Inc. NY lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 668.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 279,768 shares of the oil and gas company’s stock after purchasing an additional 243,368 shares during the quarter. Grace & White Inc. NY’s holdings in Patterson-UTI Energy were worth $2,140,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Hexagon Capital Partners LLC raised its holdings in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the period. CWM LLC grew its position in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $56,000. Finally, Blue Trust Inc. grew its position in shares of Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the period. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

PTEN has been the subject of a number of recent research reports. Piper Sandler reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. ATB Capital dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Susquehanna lowered their price objective 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, Morgan Stanley decreased 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 analyst has rated the stock with a sell rating, three have assigned 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, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $7.90 on Tuesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $13.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The company has a market capitalization of $3.17 billion, a P/E ratio of 11.62 and a beta of 2.12. The business’s 50-day moving average is $8.45 and its two-hundred day moving average is $9.85.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Research analysts predict that Patterson-UTI Energy, Inc. will post 0.22 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 4.05%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

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.