Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Acquired by Canoe Financial LP

Canoe Financial LP lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 15,942.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,524,000 shares of the oil and gas company's stock after purchasing an additional 1,514,500 shares during the quarter. Canoe Financial LP owned about 0.39% of Patterson-UTI Energy worth $11,850,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Hexagon Capital Partners LLC increased its holdings 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 buying an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 3,087 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of Patterson-UTI Energy in the 1st quarter worth about $56,000. CWM LLC lifted its stake in shares of Patterson-UTI Energy by 49.9% in the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after buying an additional 1,901 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. ATB Capital cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 4th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, October 11th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Piper Sandler reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Finally, Citigroup decreased their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating for the company in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus price target of $11.96.

Patterson-UTI Energy Trading Down 2.3 %

Shares of NASDAQ:PTEN traded down $0.19 during trading on Monday, reaching $7.98. 10,321,503 shares of the company's stock traded hands, compared to its average volume of 7,106,493. The company has a 50 day moving average of $8.35 and a 200-day moving average of $9.70. Patterson-UTI Energy, Inc. has a 12 month low of $7.45 and a 12 month high of $13.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.01%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is presently -14.61%.

About Patterson-UTI Energy

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.