Tidal Investments LLC Invests $186,000 in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Tidal Investments LLC acquired a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, Holdings Channel reports. The fund acquired 24,347 shares of the oil and gas company’s stock, valued at approximately $186,000.

A number of other institutional investors also recently bought and sold shares of the stock. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter valued at approximately $152,265,000. Ninepoint Partners LP acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at $51,800,000. American Century Companies Inc. raised 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 worth $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. ARGA Investment Management LP lifted its position in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after acquiring an additional 1,792,655 shares during the period. Finally, Canoe Financial LP grew its stake in Patterson-UTI Energy by 15,942.1% during the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock valued at $11,850,000 after purchasing an additional 1,514,500 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. ATB Capital reduced their price objective 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. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Stifel Nicolaus cut their price objective 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. Royal Bank of Canada decreased 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. Finally, Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.71.

Patterson-UTI Energy Stock Up 2.1 %

Patterson-UTI Energy stock opened at $7.68 on Thursday. 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 stock has a market capitalization of $2.99 billion, a PE ratio of -3.51 and a beta of 2.12. The business has a 50 day simple moving average of $7.99 and a 200-day simple moving average of $8.80. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business 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. This represents a $0.32 annualized dividend and a yield of 4.17%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is presently -14.61%.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.

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.