Edgestream Partners L.P. Takes $3.01 Million Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edgestream Partners L.P. bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 393,843 shares of the oil and gas company’s stock, valued at approximately $3,013,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PTEN. Price T Rowe Associates Inc. MD boosted its stake in shares of Patterson-UTI Energy by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company’s stock valued at $2,428,000 after purchasing an additional 12,841 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Patterson-UTI Energy by 17.1% in the first quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company’s stock valued at $2,195,000 after buying an additional 26,916 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 311.4% in the second quarter. Harbor Capital Advisors Inc. now owns 146,095 shares of the oil and gas company’s stock valued at $1,514,000 after buying an additional 110,581 shares during the last quarter. CWM LLC raised its holdings 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 valued at $63,000 after buying an additional 2,012 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Patterson-UTI Energy by 18.0% in the second quarter. SG Americas Securities LLC now owns 49,573 shares of the oil and gas company’s stock valued at $514,000 after buying an additional 7,567 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.40 on Monday. 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 stock has a market cap of $3.28 billion, a PE ratio of -3.84 and a beta of 2.12. The stock has a 50-day moving average of $8.12 and a 200-day moving average of $9.19. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one 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 paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PTEN shares. ATB Capital cut 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. Raymond James cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, Barclays dropped their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a 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 company. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Company 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.