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

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

Other hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. increased its holdings in shares of Patterson-UTI Energy by 35.9% in 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 grew its holdings in shares of Patterson-UTI Energy by 9.6% during the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Geode Capital Management LLC raised its stake in Patterson-UTI Energy by 5.6% in the third quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after purchasing an additional 478,064 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in Patterson-UTI Energy by 14.7% during 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 purchasing an additional 778,581 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in 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 purchasing an additional 2,191,330 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 2.3 %

NASDAQ:PTEN opened at $8.42 on Thursday. The firm has a market capitalization of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.09. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $8.07 and a 200 day moving average of $8.68.

Patterson-UTI Energy Dividend Announcement

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. 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. Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday. 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, Citigroup dropped their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

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.