Point72 Hong Kong Ltd Sells 1,536 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Point72 Hong Kong Ltd cut its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,964 shares of the oil and gas company’s stock after selling 1,536 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Patterson-UTI Energy were worth $69,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in shares of 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 worth $25,000 after acquiring an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in 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 buying an additional 3,087 shares in the last quarter. CWM LLC increased 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 buying an additional 2,012 shares during the period. Covestor Ltd boosted its position 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 acquiring an additional 3,307 shares during the period. Finally, Blue Trust Inc. boosted 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 acquiring an additional 5,506 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 1.6 %

Shares of PTEN opened at $8.20 on Wednesday. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year 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 stock has a 50 day simple moving average of $8.12 and a two-hundred day simple moving average of $9.16. The firm has a market cap of $3.20 billion, a P/E ratio of -3.74 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.90%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Analysts Set New Price Targets

Several analysts have issued reports on PTEN shares. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Susquehanna dropped their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, ATB Capital dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company 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.