Aptus Capital Advisors LLC Makes New $105,000 Investment in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Aptus Capital Advisors LLC bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,734 shares of the oil and gas company’s stock, valued at approximately $105,000.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake 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 acquiring an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $152,265,000. Deprince Race & Zollo Inc. increased its stake in shares of 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 valued at $62,880,000 after buying an additional 778,581 shares during the period. American Century Companies Inc. increased its stake in shares of 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 valued at $58,877,000 after buying an additional 2,191,330 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of 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 valued at $39,535,000 after buying an additional 559,859 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.04 on Monday. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of -3.67 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65. The stock’s 50 day moving average price is $8.07 and its two-hundred day moving average price is $9.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Morgan Stanley lowered 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. Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. 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 research note on Friday, October 25th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.