Van ECK Associates Corp Trims Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Van ECK Associates Corp lowered its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 21.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,578,426 shares of the oil and gas company's stock after selling 1,567,891 shares during the quarter. Van ECK Associates Corp owned approximately 1.42% of Patterson-UTI Energy worth $43,512,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Hexagon Capital Partners LLC increased its holdings in 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. Massmutual Trust Co. FSB ADV boosted its stake in shares of Patterson-UTI Energy by 250.4% during the 3rd 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 period. Fidelis Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy in the first quarter valued at $56,000. CWM LLC lifted its position in Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company's stock valued at $79,000 after purchasing an additional 5,506 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Trading Up 2.6 %

Patterson-UTI Energy stock traded up $0.19 during trading hours on Monday, reaching $7.61. The stock had a trading volume of 11,018,277 shares, compared to its average volume of 7,175,509. The company has a fifty day simple moving average of $8.21 and a 200-day simple moving average of $9.57. The stock has a market cap of $2.97 billion, a PE ratio of -3.48 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $13.10.

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 issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -14.61%.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of analyst reports. Stifel Nicolaus decreased 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 research report on Friday, October 11th. Citigroup lowered their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday. Royal Bank of Canada cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. StockNews.com cut shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Finally, Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a report on Monday, July 15th. 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.88.

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.