Weiss Asset Management LP Takes $793,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Weiss Asset Management LP bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 103,664 shares of the oil and gas company's stock, valued at approximately $793,000.

Other institutional investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its holdings in 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 worth $33,000 after acquiring an additional 3,087 shares in the last quarter. Covestor Ltd increased its holdings in 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 worth $53,000 after acquiring an additional 3,307 shares in the last quarter. CWM LLC boosted its stake in 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 purchasing an additional 2,012 shares during the last quarter. Blue Trust Inc. boosted its stake in 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 purchasing an additional 1,901 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth $75,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

PTEN stock traded up $0.20 during midday trading on Monday, reaching $7.69. The company's stock had a trading volume of 9,176,200 shares, compared to its average volume of 7,224,184. The business's 50-day simple moving average is $8.13 and its 200-day simple moving average is $9.06. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is -14.61%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PTEN shares. Barclays 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 report on Wednesday, October 16th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. Royal Bank of Canada cut 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 research note on Friday, October 25th. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a report on Friday, October 11th. Finally, Morgan Stanley decreased their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.