Sequoia Financial Advisors LLC Buys 1,879 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sequoia Financial Advisors LLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.6% during the third quarter, Holdings Channel.com reports. The fund owned 19,548 shares of the oil and gas company’s stock after purchasing an additional 1,879 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Patterson-UTI Energy were worth $150,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Grace & White Inc. NY boosted its stake in shares of Patterson-UTI Energy by 668.6% during the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after purchasing an additional 243,368 shares in the last quarter. Blue Trust Inc. boosted its stake 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 valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. AlphaMark Advisors LLC bought a new position in shares of Patterson-UTI Energy during the third quarter valued at approximately $272,000. nVerses Capital LLC bought a new position in shares of Patterson-UTI Energy during the third quarter valued at approximately $75,000. Finally, Creative Planning boosted its stake in shares of Patterson-UTI Energy by 101.4% during the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after purchasing an additional 65,570 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Down 2.4 %

NASDAQ PTEN opened at $7.79 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $8.30 and a two-hundred day simple moving average of $9.64. Patterson-UTI Energy, Inc. has a 12-month low of $7.45 and a 12-month high of $13.29. The stock has a market cap of $3.06 billion, a P/E ratio of -3.56 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The firm 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. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.11%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of recent research reports. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Citigroup lowered their target price on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. 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 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 Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $11.96.

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.