Quantinno Capital Management LP Buys Shares of 12,650 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Quantinno Capital Management LP purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 12,650 shares of the oil and gas company’s stock, valued at approximately $97,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. raised its position in Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after acquiring an additional 5,275,525 shares during the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Patterson-UTI Energy by 14.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock worth $62,880,000 after purchasing an additional 778,581 shares during the last quarter. American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Patterson-UTI Energy by 10.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,430,082 shares of the oil and gas company’s stock valued at $41,540,000 after buying an additional 494,250 shares during the last quarter. Finally, Principal Financial Group Inc. increased 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 buying an additional 559,859 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PTEN has been the topic of a number of analyst reports. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note 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. Morgan Stanley reduced their price objective on shares of 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. ATB Capital lowered 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 note on Wednesday, September 4th. Finally, Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $7.34 on Wednesday. The firm has a market capitalization of $2.86 billion, a PE ratio of -3.35 and a beta of 2.12. Patterson-UTI Energy, Inc. has a 12 month low of $7.18 and a 12 month 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 business has a 50-day moving average of $8.06 and a two-hundred day moving average of $8.91.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.08 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.36%. Patterson-UTI Energy’s payout ratio is -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.