ARGA Investment Management LP Buys 1,792,655 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

ARGA Investment Management LP increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1,066.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,960,723 shares of the oil and gas company’s stock after acquiring an additional 1,792,655 shares during the period. Patterson-UTI Energy comprises 0.5% of ARGA Investment Management LP’s holdings, making the stock its 27th largest position. ARGA Investment Management LP’s holdings in Patterson-UTI Energy were worth $15,000,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. purchased a new position in Patterson-UTI Energy during the second quarter valued at $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth about $51,800,000. American Century Companies Inc. boosted 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 purchasing an additional 2,191,330 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. Finally, Canoe Financial LP increased 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 in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. 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 decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. ATB Capital reduced 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. Finally, Barclays lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $8.40 on Friday. The company has a 50 day moving average price of $8.12 and a 200-day moving average price of $9.20. Patterson-UTI Energy, Inc. has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.81%. Patterson-UTI Energy’s dividend payout ratio is presently -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.