Quantbot Technologies LP Has $2.69 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Quantbot Technologies LP increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 11.0% during the third quarter, Holdings Channel reports. The fund owned 350,972 shares of the oil and gas company’s stock after purchasing an additional 34,762 shares during the period. Quantbot Technologies LP’s holdings in Patterson-UTI Energy were worth $2,685,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PTEN. Vaughan Nelson Investment Management L.P. lifted its position in Patterson-UTI Energy by 6.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock worth $33,791,000 after buying an additional 197,555 shares in the last quarter. Stanley Laman Group Ltd. lifted its position in shares of 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $495,000. Boston Partners increased its holdings in shares of Patterson-UTI Energy by 8.4% in the first quarter. Boston Partners now owns 1,915,224 shares of the oil and gas company’s stock valued at $22,679,000 after purchasing an additional 148,521 shares in the last quarter. Finally, Grace & White Inc. NY raised its position in Patterson-UTI Energy by 668.6% in the 3rd 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 last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.46 on Thursday. The firm’s fifty day moving average price is $8.11 and its two-hundred day moving average price is $9.23. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The firm has a market capitalization of $3.30 billion, a P/E ratio of -3.86 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The firm 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 is -14.61%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PTEN. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Royal Bank of Canada dropped their target price 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. Barclays reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Raymond James dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average 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.