Entropy Technologies LP Decreases Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Entropy Technologies LP lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 120,822 shares of the oil and gas company’s stock after selling 12,995 shares during the period. Entropy Technologies LP’s holdings in Patterson-UTI Energy were worth $924,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after acquiring an additional 1,554,020 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $152,265,000. Deprince Race & Zollo Inc. boosted its position in shares of Patterson-UTI Energy by 14.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares in the last quarter. American Century Companies Inc. grew its stake in Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Patterson-UTI Energy by 12.1% during the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock valued at $39,535,000 after buying an additional 559,859 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of several recent analyst reports. ATB Capital lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Morgan Stanley lowered their target price on shares of 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Barclays cut their target price 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.37 on Thursday. The firm has a market capitalization of $3.26 billion, a P/E ratio of -3.82 and a beta of 2.12. The stock has a 50-day simple moving average of $8.07 and a two-hundred day simple moving average of $9.40. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.82%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -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.