Vaughan Nelson Investment Management L.P. Sells 115,160 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Vaughan Nelson Investment Management L.P. decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,146,502 shares of the oil and gas company's stock after selling 115,160 shares during the quarter. Vaughan Nelson Investment Management L.P. owned approximately 0.81% of Patterson-UTI Energy worth $24,072,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its stake in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in Patterson-UTI Energy by 250.4% in 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 purchasing an additional 3,087 shares in the last quarter. Covestor Ltd lifted its stake in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after buying an additional 3,307 shares during the period. CWM LLC boosted its holdings in shares of Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after buying an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. grew its position 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 buying an additional 1,901 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Performance

PTEN stock traded up $0.24 during midday trading on Monday, hitting $8.28. The company's stock had a trading volume of 7,148,661 shares, compared to its average volume of 7,226,758. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -3.78 and a beta of 2.12. The stock's 50-day moving average price is $8.07 and its 200 day moving average price is $9.35. 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 Announces Dividend

The business also recently disclosed 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 3.86%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is -14.61%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Stifel Nicolaus decreased their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a report on Friday, October 11th. Morgan Stanley cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Wednesday, September 4th. Finally, Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a report on Friday, October 11th. One 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 issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.88.

Patterson-UTI Energy 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.