Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Covestor Ltd

Covestor Ltd boosted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 92.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,885 shares of the oil and gas company’s stock after purchasing an additional 3,307 shares during the quarter. Covestor Ltd’s holdings in Patterson-UTI Energy were worth $53,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC boosted its position 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 worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Patterson-UTI Energy by 250.4% during 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 acquiring an additional 3,087 shares during the last quarter. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 49.9% in 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. Blue Trust Inc. grew its position in shares of Patterson-UTI Energy by 25.0% in the third 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 last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $75,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 1.3 %

PTEN stock opened at $8.26 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -3.77 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. The business has a fifty day simple moving average of $8.07 and a 200-day simple moving average of $9.39.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued 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 3.87%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PTEN shares. ATB Capital reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Citigroup dropped their price objective 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. Raymond James reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Finally, Barclays decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.