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

JPMorgan Chase & Co. trimmed its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 8.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 approximately 0.69% of Patterson-UTI Energy worth $20,510,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC bought a new position in Patterson-UTI Energy in the second quarter worth approximately $525,000. Rhumbline Advisers grew its position in Patterson-UTI Energy by 5.2% in the 2nd quarter. Rhumbline Advisers now owns 1,176,294 shares of the oil and gas company's stock valued at $12,186,000 after purchasing an additional 57,896 shares during the period. Choreo LLC bought a new stake in Patterson-UTI Energy during the 2nd quarter valued at $485,000. Texas Permanent School Fund Corp raised its holdings in Patterson-UTI Energy by 7.0% during the second quarter. Texas Permanent School Fund Corp now owns 300,936 shares of the oil and gas company's stock worth $3,118,000 after buying an additional 19,731 shares during the last quarter. Finally, AdvisorShares Investments LLC bought a new position in shares of Patterson-UTI Energy in the second quarter valued at $441,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group raised Patterson-UTI Energy from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Susquehanna cut their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research report on Friday, October 11th. StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Saturday, October 12th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.63.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.20 during mid-day trading on Thursday, hitting $8.42. The stock had a trading volume of 6,877,477 shares, compared to its average volume of 7,003,755. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. The business has a fifty day moving average price of $8.08 and a 200-day moving average price of $8.68. The firm has a market cap of $3.28 billion, a P/E ratio of -3.84 and a beta of 2.09.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.80%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was 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 of the company's stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company's stock.

Patterson-UTI Energy 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.