Versor Investments LP Purchases 46,200 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Versor Investments LP boosted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 67.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,000 shares of the oil and gas company’s stock after buying an additional 46,200 shares during the period. Versor Investments LP’s holdings in Patterson-UTI Energy were worth $880,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PTEN. Vanguard Group Inc. boosted its position in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after acquiring an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth $152,265,000. Deprince Race & Zollo Inc. increased its holdings in shares of Patterson-UTI Energy by 14.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after buying an additional 778,581 shares during the last quarter. American Century Companies Inc. raised its position in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 12.1% in the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock valued at $39,535,000 after acquiring an additional 559,859 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of recent research reports. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Raymond James lowered their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Citigroup lowered 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. Finally, Royal Bank of Canada cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Trading Down 3.6 %

Shares of NASDAQ PTEN opened at $8.39 on Wednesday. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. The business has a fifty day simple moving average of $8.07 and a two-hundred day simple moving average of $9.41. The firm has a market cap of $3.27 billion, a PE ratio of -3.83 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The firm 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. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.81%. Patterson-UTI Energy’s payout ratio is presently -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.