JPMorgan Chase & Co. Sells 241,641 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

JPMorgan Chase & Co. lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,681,098 shares of the oil and gas company’s stock after selling 241,641 shares during the period. JPMorgan Chase & Co. owned 0.69% of Patterson-UTI Energy worth $20,510,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pacer Advisors Inc. raised its position in shares of Patterson-UTI Energy by 35.9% during the third quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock worth $152,793,000 after purchasing an additional 5,275,525 shares during the period. State Street Corp increased its stake in Patterson-UTI Energy by 9.6% during the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Geode Capital Management LLC raised its holdings in Patterson-UTI Energy by 5.6% during the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock worth $68,717,000 after buying an additional 478,064 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in shares of Patterson-UTI Energy by 14.7% in the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company’s stock valued at $62,880,000 after buying an additional 778,581 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 62.8% during the second 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 buying an additional 2,191,330 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $8.42 on Thursday. 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 business’s 50 day simple moving average is $8.07 and its 200 day simple moving average is $8.68. Patterson-UTI Energy, Inc. has a 12 month low of $7.15 and a 12 month high of $12.65. The company has a market cap of $3.28 billion, a price-to-earnings ratio of -3.84 and a beta of 2.09.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.80%. Patterson-UTI Energy’s payout ratio is -14.61%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Susquehanna decreased their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Morgan Stanley lowered their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday. Finally, Barclays lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $11.63.

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.