Phocas Financial Corp. Reduces Stock Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Phocas Financial Corp. lowered its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 532,701 shares of the oil and gas company’s stock after selling 33,178 shares during the period. Phocas Financial Corp. owned about 0.14% of Patterson-UTI Energy worth $4,075,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $152,265,000. Ninepoint Partners LP purchased a new position in Patterson-UTI Energy in the second quarter valued at $51,800,000. American Century Companies Inc. raised its position in shares of Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the period. Webs Creek Capital Management LP purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter worth about $24,116,000. Finally, Nisa Investment Advisors LLC grew its position in shares of 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 acquiring an additional 1,588,067 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 3.0 %

Shares of PTEN opened at $8.28 on Tuesday. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65. The firm has a 50-day moving average price of $8.07 and a 200 day moving average price of $9.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.86%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PTEN. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Barclays dropped their price target 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 Wednesday, October 16th. Susquehanna cut their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Royal Bank of Canada decreased 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 report on Friday, October 25th. Finally, StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Company 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.