Edgestream Partners L.P. Acquires New Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Edgestream Partners L.P. acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 393,843 shares of the oil and gas company’s stock, valued at approximately $3,013,000. Edgestream Partners L.P. owned approximately 0.10% of Patterson-UTI Energy as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its position in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Patterson-UTI Energy by 250.4% during 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 acquiring an additional 3,087 shares in the last quarter. CWM LLC raised its position in Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 2,012 shares in the last quarter. Covestor Ltd raised its position in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 3,307 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Patterson-UTI Energy by 263.3% in the second quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock valued at $79,000 after purchasing an additional 5,506 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 0.7 %

PTEN opened at $8.40 on Monday. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65. 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 firm’s fifty day moving average price is $8.12 and its two-hundred day moving average price is $9.19. The company has a market capitalization of $3.28 billion, a P/E ratio of -3.84 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. Shareholders 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 yield of 3.81%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Royal Bank of Canada dropped 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 research report on Friday, October 25th. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Susquehanna dropped their price target 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. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, Barclays dropped their price target on shares of 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given 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 price target 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.