Patterson-UTI Energy (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. Sells 1,605 Shares of Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 1,605 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.85, for a total value of $20,624.25. Following the sale, the director owned 1,127,168 shares of the company’s stock, valued at approximately $14,484,108.80. This represents a 0.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.55 on Friday. The company’s fifty day moving average is $10.53 and its 200-day moving average is $10.60. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.31. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is -173.91%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy during the second quarter worth $32,000. Quarry LP boosted its holdings in 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 valued at $26,000 after purchasing an additional 3,862 shares during the period. Nykredit A S acquired a new stake in Patterson-UTI Energy during the second quarter worth about $56,000. Rockefeller Capital Management L.P. raised its holdings in 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 valued at $40,000 after acquiring an additional 4,299 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $68,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. The Goldman Sachs Group boosted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Stifel Nicolaus upped their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Finally, KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.95.

Patterson-UTI Energy Company Profile

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.