Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells $2,977,500.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the transaction, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. The trade was a 10.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.36 during midday trading on Monday, reaching $11.42. The company had a trading volume of 8,794,891 shares, compared to its average volume of 9,878,487. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.39. The business’s 50-day simple moving average is $11.27 and its 200 day simple moving average is $10.92. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.36 billion, a P/E ratio of -49.65 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PTEN. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research note on Friday, July 31st. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $13.25.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently modified their holdings of PTEN. Lazard Asset Management LLC increased its holdings in Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock worth $231,000 after acquiring an additional 1,255 shares in the last quarter. Assetmark Inc. raised its position in Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after acquiring an additional 1,786 shares during the period. DGS Capital Management LLC lifted its holdings in Patterson-UTI Energy by 15.2% during the first quarter. DGS Capital Management LLC now owns 17,744 shares of the oil and gas company’s stock valued at $192,000 after purchasing an additional 2,338 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in Patterson-UTI Energy by 5.0% during the first quarter. Gamco Investors INC. ET AL now owns 56,415 shares of the oil and gas company’s stock valued at $611,000 after purchasing an additional 2,690 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $32,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company’s offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.