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

JPMorgan Chase & Co. reiterated their underweight rating on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note published on Wednesday, Marketbeat.com 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.

A number of other brokerages have also issued reports on PTEN. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Susquehanna dropped their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. 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. Finally, Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $6.21 on Wednesday. The firm has a market cap of $2.36 billion, a P/E ratio of -17.25 and a beta of 0.77. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $9.57. The business’s 50-day moving average price is $6.00 and its 200 day moving average price is $5.88. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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 for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. On average, equities research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Monday, December 1st. Patterson-UTI Energy’s payout ratio is -88.89%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP lifted its stake in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $37,000. Blue Trust Inc. increased its stake in Patterson-UTI Energy by 43.0% in the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 2,717 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares during the last quarter. 97.91% of the stock is currently 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.