Qsemble Capital Management LP Buys New Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Qsemble Capital Management LP bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 58,782 shares of the oil and gas company’s stock, valued at approximately $450,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vaughan Nelson Investment Management L.P. increased its position in shares of Patterson-UTI Energy by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after acquiring an additional 197,555 shares during the last quarter. Stanley Laman Group Ltd. grew its holdings in Patterson-UTI Energy by 30.8% during the second quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company’s stock worth $3,093,000 after purchasing an additional 70,229 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Patterson-UTI Energy during the second quarter worth about $495,000. Boston Partners grew its holdings in Patterson-UTI Energy by 8.4% during the first quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock worth $22,679,000 after purchasing an additional 148,521 shares during the period. Finally, Grace & White Inc. NY grew its holdings in Patterson-UTI Energy by 668.6% during the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after purchasing an additional 243,368 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 1.4 %

PTEN opened at $8.46 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65. The firm has a market capitalization of $3.30 billion, a PE ratio of -3.86 and a beta of 2.12. The company’s 50-day moving average is $8.11 and its 200 day moving average is $9.23.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.78%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Analyst Ratings Changes

PTEN has been the subject of a number of research analyst reports. Citigroup reduced their price target on 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 reduced 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 reduced 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 Friday, October 25th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.