Point72 Asset Management L.P. Lowers Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Asset Management L.P. reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,412,097 shares of the oil and gas company’s stock after selling 4,098,754 shares during the quarter. Point72 Asset Management L.P. owned about 0.87% of Patterson-UTI Energy worth $26,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its stake 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 boosted its holdings in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the last quarter. CWM LLC grew its position in shares of 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 purchasing an additional 2,012 shares in the last quarter. Covestor Ltd increased 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 worth $53,000 after purchasing an additional 3,307 shares during the last quarter. Finally, Blue Trust Inc. lifted 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 worth $79,000 after buying an additional 5,506 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research analyst reports. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Barclays lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Finally, ATB Capital 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 report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Trading Down 0.7 %

PTEN opened at $8.13 on Friday. Patterson-UTI Energy, Inc. has a one year low of $7.38 and a one year high of $12.65. 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 stock has a market cap of $3.17 billion, a price-to-earnings ratio of -3.71 and a beta of 2.12. The stock’s 50 day moving average price is $8.12 and its 200-day moving average price is $9.13.

Patterson-UTI Energy Announces Dividend

The firm also recently announced 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 is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. Patterson-UTI Energy’s payout ratio is -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.