Point72 Asset Management L.P. Sells 4,098,754 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 54.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,412,097 shares of the oil and gas company's stock after selling 4,098,754 shares during the period. Point72 Asset Management L.P. owned 0.87% of Patterson-UTI Energy worth $26,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. Price T Rowe Associates Inc. MD boosted its position in shares of Patterson-UTI Energy by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company's stock worth $2,428,000 after acquiring an additional 12,841 shares during the last quarter. CWM LLC grew its position in shares of 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 valued at $63,000 after purchasing an additional 2,012 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Patterson-UTI Energy by 18.0% in the second quarter. SG Americas Securities LLC now owns 49,573 shares of the oil and gas company's stock worth $514,000 after purchasing an additional 7,567 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Patterson-UTI Energy by 119.5% in the second 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 in the last quarter. Finally, InTrack Investment Management Inc boosted its stake in Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company's stock valued at $341,000 after buying an additional 1,037 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Raymond James reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research note on Friday, October 25th. Susquehanna lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research report on Friday, October 11th. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Finally, Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.88.

Patterson-UTI Energy Trading Down 7.9 %

PTEN traded down $0.64 on Friday, reaching $7.49. 13,055,288 shares of the company traded hands, compared to its average volume of 7,215,895. The company has a market cap of $2.92 billion, a P/E ratio of -3.45 and a beta of 2.12. 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, Inc. has a one year low of $7.38 and a one year high of $12.65. The firm has a fifty day simple moving average of $8.13 and a two-hundred day simple moving average of $9.12.

Patterson-UTI Energy Announces Dividend

The firm 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 dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.

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.