Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 1.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,633,299 shares of the oil and gas company's stock after selling 47,799 shares during the period. JPMorgan Chase & Co. owned about 0.68% of Patterson-UTI Energy worth $21,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after purchasing an additional 1,358 shares in the last quarter. Finally, Kestra Investment Management LLC bought a new position in Patterson-UTI Energy in the fourth quarter worth approximately $85,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy Trading Up 2.5 %

Shares of Patterson-UTI Energy stock traded up $0.15 during trading hours on Wednesday, hitting $5.94. The company's stock had a trading volume of 1,536,198 shares, compared to its average volume of 8,588,133. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -2.40 and a beta of 1.60. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.70. The firm has a fifty day moving average of $7.75 and a 200-day moving average of $8.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy's dividend payout ratio (DPR) is -12.96%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PTEN. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. The Goldman Sachs Group decreased their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Susquehanna cut their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus price target of $11.21.

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.