Atria Investments Inc Sells 22,163 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Atria Investments Inc lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 39.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,579 shares of the oil and gas company’s stock after selling 22,163 shares during the period. Atria Investments Inc’s holdings in Patterson-UTI Energy were worth $257,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its position in shares of 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 during the last quarter. Massmutual Trust Co. FSB ADV raised its position 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 purchasing an additional 3,087 shares during the period. CWM LLC grew its stake in Patterson-UTI Energy by 49.9% in the 2nd 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 in the last quarter. Blue Trust Inc. lifted its position in shares of Patterson-UTI Energy by 25.0% during the third 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 in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth $75,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 3.8 %

PTEN opened at $8.68 on Friday. The company has a market cap of $3.38 billion, a P/E ratio of -3.96 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12 month low of $7.38 and a 12 month high of $12.65. The business’s 50-day moving average price is $8.11 and its 200-day moving average price is $9.28. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is -14.61%.

Analysts Set New Price Targets

Several research analysts have commented on PTEN shares. ATB Capital cut their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Royal Bank of Canada decreased 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 report on Friday, October 25th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Susquehanna dropped their price target on 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. Finally, Stifel Nicolaus reduced their target price on 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average 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.