59,210 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 59,210 shares of the oil and gas company’s stock, valued at approximately $453,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. XTX Topco Ltd acquired a new position in shares of Patterson-UTI Energy during the third quarter valued at approximately $1,942,000. Weiss Asset Management LP acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at $793,000. State Street Corp raised its stake in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after buying an additional 1,352,840 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Patterson-UTI Energy by 103.2% in the 3rd quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after buying an additional 42,824 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at $97,000. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PTEN. Raymond James dropped their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Citigroup reduced their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Royal Bank of Canada reduced their price objective on 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.71.

Patterson-UTI Energy Stock Up 1.3 %

NASDAQ:PTEN opened at $7.72 on Monday. The business’s fifty day moving average price is $8.10 and its 200 day moving average price is $8.96. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of -3.53 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

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.