Ameriprise Financial Inc. lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 31.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,567,435 shares of the oil and gas company’s stock after purchasing an additional 1,335,098 shares during the quarter. Ameriprise Financial Inc. owned about 2.50% of Patterson-UTI Energy worth $116,581,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. World Asset Management Inc raised its position in Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 295 shares during the period. Capstone Asset Management Co. raised its position in Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after purchasing an additional 460 shares during the period. Arizona State Retirement System increased its position in shares of Patterson-UTI Energy by 0.7% during the second quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock worth $1,407,000 after acquiring an additional 500 shares during the last quarter. State Treasurer State of Michigan increased its position in shares of Patterson-UTI Energy by 0.9% during the second quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock worth $1,377,000 after acquiring an additional 600 shares during the last quarter. Finally, Gluskin Sheff & Assoc Inc. increased its position in shares of Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares during the last quarter. Institutional investors and hedge funds own 93.46% of the company’s stock.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) opened at $20.49 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The business had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. During the same period in the previous year, the company posted ($0.58) EPS. Patterson-UTI Energy’s revenue was up 232.3% on a year-over-year basis. equities analysts expect that Patterson-UTI Energy, Inc. will post -0.82 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -5.16%.

A number of equities analysts recently commented on PTEN shares. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $21.00 to $19.00 in a research note on Wednesday, August 30th. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. UBS AG restated a “buy” rating and issued a $25.00 target price (down from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Cowen Inc restated a “hold” rating and issued a $24.00 target price on shares of Patterson-UTI Energy in a research note on Sunday, September 17th. Finally, Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $26.71.

ILLEGAL ACTIVITY WARNING: “Ameriprise Financial Inc. Has $116.58 Million Stake in Patterson-UTI Energy, Inc. (PTEN)” was originally published by Watch List News and is owned by of Watch List News. If you are viewing this story on another domain, it was stolen and reposted in violation of US & international copyright and trademark law. The legal version of this story can be read at https://www.watchlistnews.com/ameriprise-financial-inc-has-116-58-million-stake-in-patterson-uti-energy-inc-pten/1727009.html.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN).

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.