GSA Capital Partners LLP Raises Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

GSA Capital Partners LLP raised its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 1,089.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 190,809 shares of the oil and gas company's stock after acquiring an additional 174,769 shares during the period. GSA Capital Partners LLP's holdings in Patterson-UTI Energy were worth $1,460,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PTEN. Hexagon Capital Partners LLC grew its position 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 acquiring an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 3,087 shares during the period. Covestor Ltd lifted its stake in shares of Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 3,307 shares during the period. 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 during the period. Finally, Blue Trust Inc. lifted its stake in shares of 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 purchasing an additional 1,901 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded down $0.15 during mid-day trading on Thursday, reaching $8.22. The company's stock had a trading volume of 2,408,437 shares, compared to its average volume of 7,212,034. The firm has a market capitalization of $3.21 billion, a PE ratio of -3.82 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. The stock has a fifty day moving average of $8.07 and a two-hundred day moving average of $9.40. 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 company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.08 dividend. 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 3.89%. Patterson-UTI Energy's dividend payout ratio is currently -14.61%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Susquehanna lowered their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research note on Friday, October 11th. Barclays lowered their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Wednesday, October 16th. Finally, Morgan Stanley lowered their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.