Patterson-UTI Energy Chairman Mark S. Siegel Sells 340,000 Shares (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) Chairman Mark S. Siegel sold 340,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $33.62, for a total value of $11,430,800.00. Following the transaction, the chairman now directly owns 773,883 shares of the company’s stock, valued at approximately $26,017,946. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on PTEN. Analysts at Wunderlich raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday. They now have a “hold” rating on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday, April 28th. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Friday, April 25th. They now have a $37.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $31.84.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 1.92% during mid-day trading on Thursday, hitting $33.93. The stock had a trading volume of 2,503,289 shares. Patterson-UTI Energy has a 1-year low of $18.83 and a 1-year high of $34.25. The stock’s 50-day moving average is $32.81 and its 200-day moving average is $28.91. The company has a market cap of $4.861 billion and a P/E ratio of 29.23.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.01. The company had revenue of $678.00 million for the quarter, compared to the consensus estimate of $679.52 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.42 EPS for the current fiscal year.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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