Versor Investments LP Raises Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Versor Investments LP grew its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 67.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,000 shares of the oil and gas company’s stock after purchasing an additional 46,200 shares during the period. Versor Investments LP’s holdings in Patterson-UTI Energy were worth $880,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. SG Americas Securities LLC acquired a new position in Patterson-UTI Energy during the 1st quarter valued at approximately $502,000. Swiss National Bank increased its holdings in shares of Patterson-UTI Energy by 5.7% in the first quarter. Swiss National Bank now owns 741,588 shares of the oil and gas company’s stock valued at $8,855,000 after purchasing an additional 40,200 shares during the period. Qsemble Capital Management LP acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth about $298,000. Russell Investments Group Ltd. raised its position in Patterson-UTI Energy by 5.1% during the 1st quarter. Russell Investments Group Ltd. now owns 1,460,835 shares of the oil and gas company’s stock worth $17,442,000 after buying an additional 71,146 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 70,605 shares of the oil and gas company’s stock valued at $843,000 after acquiring an additional 4,835 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PTEN. 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. ATB Capital decreased their price objective 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. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Barclays decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Trading Down 3.6 %

PTEN opened at $8.39 on Wednesday. The stock has a market capitalization of $3.27 billion, a PE ratio of -3.83 and a beta of 2.12. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $12.65. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The business’s 50 day moving average price is $8.07 and its 200 day moving average price is $9.41.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio 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.