Patterson-UTI Energy (NASDAQ:PTEN) COO James Michael Holcomb Sells 150,000 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $11.53 on Tuesday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The firm has a market capitalization of $4.38 billion, a PE ratio of -37.19 and a beta of 0.61. The company’s 50 day simple moving average is $11.26 and its 200 day simple moving average is $8.68.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew 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 purchasing an additional 3,862 shares in the last quarter. First Horizon Corp grew its position in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in 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 purchasing an additional 4,299 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Patterson-UTI Energy during the 3rd quarter worth approximately $37,000. Finally, Torren Management LLC purchased a new position in Patterson-UTI Energy during the 4th quarter worth approximately $44,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on PTEN shares. Susquehanna raised 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 note on Wednesday, May 27th. The Goldman Sachs Group lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $12.10.

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.