Aigen Investment Management LP Acquires Shares of 31,842 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Aigen Investment Management LP bought a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 31,842 shares of the oil and gas company’s stock, valued at approximately $244,000.

Several other hedge funds have also recently bought and sold shares of PTEN. Sumitomo Mitsui Trust Group Inc. raised its stake in Patterson-UTI Energy by 15.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 55,135 shares of the oil and gas company’s stock worth $422,000 after acquiring an additional 7,338 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of Patterson-UTI Energy by 1,089.6% during the 3rd quarter. GSA Capital Partners LLP now owns 190,809 shares of the oil and gas company’s stock valued at $1,460,000 after purchasing an additional 174,769 shares during the last quarter. Versor Investments LP increased its position in Patterson-UTI Energy by 67.2% during the 3rd quarter. Versor Investments LP now owns 115,000 shares of the oil and gas company’s stock worth $880,000 after purchasing an additional 46,200 shares in the last quarter. Chartwell Investment Partners LLC bought a new position in Patterson-UTI Energy in the 3rd quarter valued at approximately $3,343,000. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Patterson-UTI Energy by 19.8% during the third quarter. State of New Jersey Common Pension Fund D now owns 211,019 shares of the oil and gas company’s stock worth $1,614,000 after buying an additional 34,897 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PTEN shares. Barclays dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Raymond James cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. ATB Capital reduced their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Down 2.7 %

Shares of NASDAQ:PTEN opened at $8.04 on Friday. The business’s 50-day moving average is $8.07 and its 200-day moving average is $9.36. Patterson-UTI Energy, Inc. has a 1 year low of $7.38 and a 1 year high of $12.65. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -3.67 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

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 issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Monday, December 2nd. 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.