Patterson-UTI Energy’s (PTEN) Underweight Rating Reaffirmed at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their underweight rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have a $6.00 price target on the oil and gas company’s stock, down from their prior price target of $7.00.

Several other equities research analysts also recently issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Barclays restated an “equal weight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.28.

Patterson-UTI Energy Stock Up 2.2%

PTEN opened at $6.46 on Wednesday. The stock’s fifty day simple moving average is $5.97 and its 200 day simple moving average is $5.87. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.57. The stock has a market cap of $2.45 billion, a PE ratio of -17.94 and a beta of 0.77. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The company had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. As a group, research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.0%. Patterson-UTI Energy’s dividend payout ratio is -88.89%.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Patterson-UTI Energy by 11.9% during the second quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock valued at $90,000 after acquiring an additional 1,615 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Patterson-UTI Energy by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after purchasing an additional 1,915 shares during the last quarter. Somerset Trust Co boosted its position in Patterson-UTI Energy by 8.0% during the second quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock valued at $182,000 after acquiring an additional 2,275 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after purchasing an additional 2,323 shares during the period. Finally, Brucke Financial Inc. lifted its stake in Patterson-UTI Energy by 14.4% in the second quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after buying an additional 2,417 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.