JPMorgan Chase & Co. Sells 676,147 Shares of Patterson-UTI Energy, Inc. $PTEN

JPMorgan Chase & Co. trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 37.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,125,582 shares of the oil and gas company’s stock after selling 676,147 shares during the quarter. JPMorgan Chase & Co.’s holdings in Patterson-UTI Energy were worth $5,831,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after buying an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after buying an additional 10,142 shares during the period. Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after buying an additional 220,422 shares during the period. United Services Automobile Association bought a new position in Patterson-UTI Energy in the first quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $10.83 on Wednesday. The firm has a market capitalization of $4.11 billion, a P/E ratio of -43.32 and a beta of 0.71. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $11.75. The stock has a 50 day moving average price of $8.95 and a two-hundred day moving average price of $7.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) earnings per share. Equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.10 per share. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. This represents a $0.40 annualized dividend and a yield of 3.7%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -160.00%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Stifel Nicolaus boosted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Citigroup upped their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Hold” and an average target price of $8.11.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.