Entropy Technologies LP Lowers Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Entropy Technologies LP lessened its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 9.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,822 shares of the oil and gas company’s stock after selling 12,995 shares during the period. Entropy Technologies LP’s holdings in Patterson-UTI Energy were worth $924,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTEN. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after acquiring an additional 1,554,020 shares during the period. Pacer Advisors Inc. bought a new position in Patterson-UTI Energy in the second quarter worth approximately $152,265,000. Deprince Race & Zollo Inc. increased its holdings in Patterson-UTI Energy by 14.7% during 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 purchasing an additional 778,581 shares during the period. American Century Companies Inc. raised its position in 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 purchasing an additional 2,191,330 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Patterson-UTI Energy by 12.1% during the 3rd quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after buying an additional 559,859 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.2 %

Patterson-UTI Energy stock opened at $8.37 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65. The business has a fifty day moving average price of $8.07 and a 200-day moving average price of $9.40. 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 capitalization of $3.26 billion, a price-to-earnings ratio of -3.82 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

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 paid a dividend of $0.08 per share. 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 3.82%. Patterson-UTI Energy’s payout ratio is -14.61%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Raymond James decreased their price objective 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 target price 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. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley lowered their target price 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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

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.