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

JPMorgan Chase & Co. reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 37.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,125,582 shares of the oil and gas company’s stock after selling 676,147 shares during the period. JPMorgan Chase & Co. owned approximately 0.30% of Patterson-UTI Energy worth $5,831,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Holocene Advisors LP increased its holdings in Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after purchasing an additional 5,891,956 shares in the last quarter. Millennium Management LLC increased its holdings in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after purchasing an additional 4,442,700 shares in the last quarter. Norges Bank bought a new position in Patterson-UTI Energy in the second quarter valued at about $25,987,000. Finally, BNP Paribas Financial Markets raised its position in Patterson-UTI Energy by 444.2% in the second quarter. BNP Paribas Financial Markets now owns 3,020,212 shares of the oil and gas company’s stock valued at $17,910,000 after purchasing an additional 2,465,209 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Finally, Piper Sandler raised their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $8.11.

Patterson-UTI Energy Trading Down 2.0%

PTEN opened at $10.83 on Wednesday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $11.75. The company has a fifty day moving average of $8.95 and a 200-day moving average of $7.06. The stock has a market cap of $4.11 billion, a PE ratio of -43.32 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Insider Buying and Selling

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

About Patterson-UTI Energy

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.