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

Hara Capital LLC lifted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 26.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 260,237 shares of the oil and gas company’s stock after acquiring an additional 54,884 shares during the quarter. Patterson-UTI Energy makes up approximately 1.2% of Hara Capital LLC’s investment portfolio, making the stock its 19th largest position. Hara Capital LLC owned approximately 0.07% of Patterson-UTI Energy worth $1,991,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Hexagon Capital Partners LLC grew its stake in shares of Patterson-UTI Energy by 119.5% in 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 buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Patterson-UTI Energy by 250.4% in the 3rd 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 lifted its stake in Patterson-UTI Energy by 49.9% in the 2nd 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 last quarter. Blue Trust Inc. increased its position in Patterson-UTI Energy by 25.0% during the third 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 last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $75,000. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the subject of several research reports. Morgan Stanley cut their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Raymond James reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. Barclays dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Susquehanna decreased their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, Royal Bank of Canada 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 Friday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.21 during trading on Thursday, reaching $8.29. 1,044,772 shares of the company’s stock were exchanged, compared to its average volume of 7,204,649. The firm’s 50-day moving average price is $8.13 and its 200 day moving average price is $9.51. The company has a market cap of $3.23 billion, a P/E ratio of -3.88 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a 1-year low of $7.38 and a 1-year high of $12.65.

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 of this dividend 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 payout ratio is currently -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.