Dynamic Technology Lab Private Ltd Buys 72,828 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Dynamic Technology Lab Private Ltd increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 54.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 205,860 shares of the oil and gas company's stock after purchasing an additional 72,828 shares during the quarter. Dynamic Technology Lab Private Ltd owned approximately 0.05% of Patterson-UTI Energy worth $1,575,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. InTrack Investment Management Inc grew its holdings in shares of Patterson-UTI Energy by 3.2% in the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock valued at $341,000 after acquiring an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 1,307 shares during the period. CIBC Asset Management Inc increased its position in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company's stock valued at $171,000 after purchasing an additional 1,501 shares during the last quarter. KBC Group NV raised its stake in shares of Patterson-UTI Energy by 18.5% during the 3rd quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock worth $84,000 after purchasing an additional 1,723 shares during the period. Finally, Sage Rhino Capital LLC boosted its holdings in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company's stock worth $131,000 after buying an additional 1,724 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Barclays decreased 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 Wednesday, October 16th. Stifel Nicolaus lowered their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, October 11th. ATB Capital reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Wednesday, September 4th. Royal Bank of Canada lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. Finally, Raymond James cut their price target 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. 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.28 during trading hours on Tuesday, reaching $8.34. The stock had a trading volume of 6,416,116 shares, compared to its average volume of 7,228,227. The stock's fifty day simple moving average is $8.12 and its 200 day simple moving average is $9.25. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.25 billion, a PE ratio of -3.81 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12 month low of $7.38 and a 12 month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. Patterson-UTI Energy's payout ratio is currently -14.61%.

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.