Patterson-UTI Energy (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. Sells 198,395 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 198,395 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the sale, the director owned 928,773 shares of the company’s stock, valued at $11,934,733.05. This represents a 17.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Patterson-UTI Energy Trading Down 4.6%

NASDAQ:PTEN opened at $12.55 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.31. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. The business’s 50-day moving average price is $10.53 and its two-hundred day moving average price is $10.60.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. The Goldman Sachs Group increased their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Susquehanna lifted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. Finally, Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy in the second quarter valued at $32,000. Quarry LP lifted its position in 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 buying an additional 3,862 shares in the last quarter. Nykredit A S bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $56,000. Rockefeller Capital Management L.P. boosted its stake in shares of Patterson-UTI Energy by 187.6% during 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 last quarter. Finally, Allworth Financial LP bought a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $68,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.