Holocene Advisors LP Has $7.41 Million Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Holocene Advisors LP grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 43.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 968,585 shares of the oil and gas company’s stock after purchasing an additional 295,663 shares during the period. Holocene Advisors LP owned about 0.25% of Patterson-UTI Energy worth $7,410,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Hexagon Capital Partners LLC increased its stake in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares in the last quarter. CWM LLC increased its position in shares of 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 during the period. Covestor Ltd raised its stake in shares of Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Patterson-UTI Energy by 263.3% in the second quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company’s stock worth $79,000 after purchasing an additional 5,506 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Down 1.6 %

PTEN stock opened at $8.20 on Wednesday. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -3.74 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $8.12 and a two-hundred day moving average price of $9.16.

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 3.90%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of analyst reports. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. ATB Capital dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Wednesday, September 4th. Raymond James decreased 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. Finally, Stifel Nicolaus dropped their price objective on 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.88.

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.