Tygh Capital Management Inc. decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,002 shares of the oil and gas company’s stock after selling 18,322 shares during the quarter. Tygh Capital Management Inc.’s holdings in Patterson-UTI Energy were worth $1,864,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Parkwood LLC boosted its position in shares of Patterson-UTI Energy by 201.1% during the 3rd quarter. Parkwood LLC now owns 97,924 shares of the oil and gas company’s stock valued at $2,051,000 after acquiring an additional 65,401 shares during the last quarter. Gluskin Sheff & Assoc Inc. boosted its position in shares of Patterson-UTI Energy by 224.4% during the 3rd quarter. Gluskin Sheff & Assoc Inc. now owns 38,090 shares of the oil and gas company’s stock valued at $798,000 after acquiring an additional 26,350 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Patterson-UTI Energy by 17.6% during the 3rd quarter. Gamco Investors INC. ET AL now owns 28,700 shares of the oil and gas company’s stock valued at $601,000 after acquiring an additional 4,300 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $585,000. Finally, Affinity Investment Advisors LLC acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $1,460,000. 95.00% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down $0.07 on Wednesday, hitting $20.76. 916,690 shares of the stock were exchanged, compared to its average volume of 4,377,174. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. Patterson-UTI Energy, Inc. has a twelve month low of $14.83 and a twelve month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. Patterson-UTI Energy’s quarterly revenue was up 232.3% on a year-over-year basis. During the same period last year, the company posted ($0.58) earnings per share. analysts anticipate that Patterson-UTI Energy, Inc. will post -0.82 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be paid a dividend of $0.02 per share. The ex-dividend date is Wednesday, December 6th. This represents a $0.08 annualized dividend and a yield of 0.39%. Patterson-UTI Energy’s payout ratio is -5.16%.

A number of research analysts have commented on PTEN shares. Cowen and Company reaffirmed a “hold” rating and issued a $24.00 target price on shares of Patterson-UTI Energy in a research report on Tuesday, July 11th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $20.50 target price (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $29.00 target price on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have assigned a buy rating to the company. Patterson-UTI Energy presently has a consensus rating of “Buy” and a consensus price target of $26.71.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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