Hara Capital LLC Has $1.99 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Hara Capital LLC grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 26.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 260,237 shares of the oil and gas company’s stock after purchasing an additional 54,884 shares during the quarter. Patterson-UTI Energy makes up 1.2% of Hara Capital LLC’s holdings, making the stock its 19th biggest holding. Hara Capital LLC’s holdings in Patterson-UTI Energy were worth $1,991,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its position in Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the period. CWM LLC raised its position in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 2,012 shares during the last quarter. Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after buying an additional 1,901 shares during the period. Finally, nVerses Capital LLC bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $75,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Down 2.5 %

Patterson-UTI Energy stock traded down $0.21 during trading on Thursday, hitting $8.29. 1,044,772 shares of the company were exchanged, compared to its average volume of 7,204,649. 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. The company has a market capitalization of $3.23 billion, a P/E ratio of -3.88 and a beta of 2.12. The business’s 50 day moving average is $8.13 and its 200 day moving average is $9.51.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given 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 3.86%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of analyst reports. Barclays lowered their price objective on 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. Royal Bank of Canada lowered 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 Friday, October 25th. Morgan Stanley cut their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Raymond James lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Finally, Piper Sandler cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus 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.