31,842 Shares in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Bought by Aigen Investment Management LP

Aigen Investment Management LP bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 31,842 shares of the oil and gas company’s stock, valued at approximately $244,000.

Other large investors have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its stake in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted 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 worth $33,000 after buying an additional 3,087 shares during the period. Covestor Ltd grew its stake in Patterson-UTI Energy by 92.4% during the 3rd 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 in the last quarter. CWM LLC grew its position in 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 purchasing an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 1,901 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PTEN shares. Stifel Nicolaus dropped their price target 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 research note on Saturday, October 12th. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Barclays lowered their target price on shares of 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. Finally, Raymond James dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $8.04 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. The business’s 50 day moving average price is $8.07 and its two-hundred day moving average price is $9.36. The company has a market cap of $3.14 billion, a PE ratio of -3.67 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Patterson-UTI Energy Company 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.