Clear Harbor Asset Management LLC Boosts Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Clear Harbor Asset Management LLC boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,917 shares of the oil and gas company’s stock after buying an additional 5,622 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Patterson-UTI Energy were worth $565,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PTEN. Pacer Advisors Inc. purchased a new position in shares of Patterson-UTI Energy during the second quarter valued at $152,265,000. Ninepoint Partners LP purchased a new position in Patterson-UTI Energy during the 2nd quarter valued at about $51,800,000. American Century Companies Inc. raised its holdings in shares of 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 valued at $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter worth approximately $24,116,000. Finally, Nisa Investment Advisors LLC increased its holdings in Patterson-UTI Energy by 2,744.5% during the second 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 buying an additional 1,588,067 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Up 2.5 %

Patterson-UTI Energy stock opened at $8.17 on Monday. The business’s 50-day simple moving average is $8.35 and its two-hundred day simple moving average is $9.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The company has a market cap of $3.21 billion, a PE ratio of 26.35 and a beta of 2.12. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.45 and a fifty-two week high of $13.29.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.92%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 103.23%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PTEN shares. Bank of America lowered their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Morgan Stanley decreased their price objective on 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. Raymond James cut their target price 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. Barclays decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada cut their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.96.

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.