Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Holocene Advisors LP

Holocene Advisors LP boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 43.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 968,585 shares of the oil and gas company's stock after buying an additional 295,663 shares during the quarter. Holocene Advisors LP owned 0.25% of Patterson-UTI Energy worth $7,410,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $51,800,000. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. ARGA Investment Management LP lifted its position in shares of Patterson-UTI Energy by 1,066.6% during the third quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company's stock worth $15,000,000 after purchasing an additional 1,792,655 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted 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 purchasing an additional 1,588,067 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.01 during mid-day trading on Wednesday, reaching $8.19. 7,119,606 shares of the company's stock were exchanged, compared to its average volume of 7,193,787. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The stock has a market capitalization of $3.19 billion, a PE ratio of -3.74 and a beta of 2.12. The business's fifty day simple moving average is $8.11 and its 200-day simple moving average is $9.14. Patterson-UTI Energy, Inc. has a 52-week low of $7.38 and a 52-week high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.91%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -14.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Raymond James reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research report on Friday, October 25th. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. Barclays reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus reduced their target price 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. Finally, Citigroup reduced their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.