Kornitzer Capital Management Inc. KS lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 111.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 593,320 shares of the oil and gas company's stock after purchasing an additional 312,805 shares during the period. Kornitzer Capital Management Inc. KS owned 0.15% of Patterson-UTI Energy worth $4,539,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. InTrack Investment Management Inc raised its stake in shares of Patterson-UTI Energy by 3.2% during the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock worth $341,000 after purchasing an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC raised its stake in shares of Patterson-UTI Energy by 15.8% during the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company's stock worth $131,000 after purchasing an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company's stock worth $150,000 after acquiring an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. Institutional investors own 97.91% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on PTEN shares. Piper Sandler decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. Susquehanna decreased their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a report on Friday, October 11th. Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a report on Monday, July 15th. Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Finally, Raymond James decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.88.
Read Our Latest Stock Report on PTEN
Patterson-UTI Energy Trading Down 1.2 %
Shares of NASDAQ:PTEN traded down $0.10 during trading on Friday, reaching $8.30. 5,755,575 shares of the company traded hands, compared to its average volume of 7,235,210. The company's 50 day moving average is $8.11 and its two-hundred day moving average is $9.50. 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, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65.
Patterson-UTI Energy Dividend Announcement
The business 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 is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.86%. Patterson-UTI Energy's payout ratio is -14.61%.
About Patterson-UTI Energy
(
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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