Dynamic Technology Lab Private Ltd Has $1.58 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Dynamic Technology Lab Private Ltd raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 205,860 shares of the oil and gas company’s stock after buying an additional 72,828 shares during the period. Dynamic Technology Lab Private Ltd owned about 0.05% of Patterson-UTI Energy worth $1,575,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of PTEN. Hexagon Capital Partners LLC increased its holdings in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 3,087 shares in the last quarter. Covestor Ltd raised its holdings in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. CWM LLC lifted its position in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after buying an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.7 %

Shares of NASDAQ:PTEN opened at $8.62 on Tuesday. The company has a 50 day moving average price of $8.12 and a two-hundred day moving average price of $9.25. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The company has a market capitalization of $3.36 billion, a PE ratio of -3.94 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research reports. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Susquehanna decreased their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, Stifel Nicolaus lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One equities 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 issued 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 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.