Patterson-UTI Energy (NASDAQ:PTEN) Given New $7.00 Price Target at JPMorgan Chase & Co.

Patterson-UTI Energy (NASDAQ:PTEN - Free Report) had its price objective reduced by JPMorgan Chase & Co. from $9.00 to $7.00 in a report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the oil and gas company's stock.

PTEN has been the topic of a number of other research reports. Barclays cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Citigroup reaffirmed a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Finally, The Goldman Sachs Group dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $9.58.

Patterson-UTI Energy Trading Down 1.1%

Shares of PTEN stock traded down $0.06 during trading hours on Wednesday, reaching $5.59. 18,042,416 shares of the stock were exchanged, compared to its average volume of 9,705,699. Patterson-UTI Energy has a 12-month low of $5.12 and a 12-month high of $11.27. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of -2.26 and a beta of 1.33. The company's 50-day moving average price is $6.19 and its 200-day moving average price is $7.55.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $0.15 EPS. The company's quarterly revenue was down 15.2% compared to the same quarter last year. As a group, equities analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.72%. Patterson-UTI Energy's payout ratio is presently -12.31%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director now directly owns 999,754 shares in the company, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. The trade was a 1.02% increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of the company. Strs Ohio purchased a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $1,051,000. Bayforest Capital Ltd grew its holdings in shares of Patterson-UTI Energy by 416.3% in the first quarter. Bayforest Capital Ltd now owns 126,477 shares of the oil and gas company's stock valued at $1,040,000 after purchasing an additional 101,980 shares during the period. SCS Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $801,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after purchasing an additional 30,217 shares during the period. Finally, United Services Automobile Association purchased a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $176,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.