Edgestream Partners L.P. acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 393,843 shares of the oil and gas company's stock, valued at approximately $3,013,000. Edgestream Partners L.P. owned approximately 0.10% of Patterson-UTI Energy as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. raised its position in shares of Patterson-UTI Energy by 6.4% during 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 purchasing an additional 197,555 shares during the period. Stanley Laman Group Ltd. lifted its stake in Patterson-UTI Energy by 30.8% in the second quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company's stock valued at $3,093,000 after buying an additional 70,229 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Patterson-UTI Energy in the second quarter valued at approximately $495,000. Grace & White Inc. NY boosted its holdings in shares of Patterson-UTI Energy by 668.6% in the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company's stock valued at $2,140,000 after buying an additional 243,368 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in shares of Patterson-UTI Energy by 2,744.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company's stock worth $17,052,000 after acquiring an additional 1,588,067 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.
Analyst Ratings Changes
PTEN has been the topic of several research reports. Morgan Stanley cut their price objective on shares of 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. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Barclays reduced their target price 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 target price on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Finally, ATB Capital dropped their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $11.88.
Read Our Latest Stock Report on PTEN
Patterson-UTI Energy Price Performance
Shares of NASDAQ:PTEN traded up $0.01 during trading on Monday, reaching $8.33. 4,955,279 shares of the company traded hands, compared to its average volume of 7,193,815. The firm has a market capitalization of $3.25 billion, a PE ratio of -3.86 and a beta of 2.12. The company's 50 day moving average is $8.12 and its two-hundred day moving average is $9.18. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.
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 dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -14.61%.
Patterson-UTI Energy Company Profile
(
Free Report)
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.
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