Olympiad Research LP Takes $327,000 Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Olympiad Research LP bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 42,726 shares of the oil and gas company’s stock, valued at approximately $327,000.

Several other hedge funds also recently modified their holdings of PTEN. Vanguard Group Inc. boosted its stake in Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after acquiring an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy during the second quarter worth $152,265,000. Deprince Race & Zollo Inc. increased its holdings in Patterson-UTI Energy by 14.7% during the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after buying an additional 778,581 shares during the last quarter. American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after buying an additional 2,191,330 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Patterson-UTI Energy by 12.1% during the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after purchasing an additional 559,859 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of recent research reports. Stifel Nicolaus reduced their target price on shares of 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. Susquehanna reduced their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. 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 for the company in a research report on Friday, October 25th. ATB Capital reduced 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 Wednesday, September 4th. Finally, Piper Sandler cut 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 Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $8.40 on Friday. The business has a 50 day moving average of $8.11 and a 200-day moving average of $9.50. 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 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 business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is presently -14.61%.

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.