Dynamic Technology Lab Private Ltd Purchases 72,828 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Dynamic Technology Lab Private Ltd grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 205,860 shares of the oil and gas company’s stock after purchasing an additional 72,828 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Patterson-UTI Energy were worth $1,575,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC lifted its stake in 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 valued at $25,000 after acquiring an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the last quarter. Covestor Ltd raised its holdings in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares during the last quarter. CWM LLC lifted its position 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 worth $63,000 after purchasing an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. grew its position in 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 in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PTEN has been the topic of several analyst reports. Citigroup cut their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley dropped their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada decreased their price target 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. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Raymond James decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.62 on Tuesday. The company’s 50-day moving average is $8.12 and its 200-day moving average is $9.25. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The firm has a market capitalization of $3.36 billion, a PE ratio of -3.94 and a beta of 2.12. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.71%. 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.