Patterson-UTI Energy (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. Sells 200,000 Shares of Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $11.59 on Wednesday. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of -37.39 and a beta of 0.61. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The stock has a 50 day moving average price of $11.36 and a 200-day moving average price of $8.94. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. The company’s revenue was down 12.7% on a year-over-year basis. Equities analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. Patterson-UTI Energy’s payout ratio is presently -129.03%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in PTEN. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares during the period. First Horizon Corp lifted its holdings in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $37,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after buying an additional 4,299 shares during the period. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $44,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PTEN shares. The Goldman Sachs Group boosted their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research report on Monday, April 20th. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a research report on Wednesday, May 27th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.30.

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.