Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells $2,328,000.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Patterson-UTI Energy Price Performance

PTEN stock opened at $11.49 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year 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 $4.36 billion, a PE ratio of -37.06 and a beta of 0.61. The business has a 50 day simple moving average of $11.39 and a 200-day simple moving average of $9.02.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue was down 12.7% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. Patterson-UTI Energy’s payout ratio is presently -129.03%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PTEN. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a report on Monday, April 20th. Citigroup lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.30.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PTEN. Lazard Asset Management LLC raised its stake in shares of 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 valued at $231,000 after acquiring an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd increased its holdings in Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 1,547 shares during the last quarter. Sage Rhino Capital LLC increased its holdings in Patterson-UTI Energy by 6.6% in the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Assetmark Inc. raised its position in Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 1,786 shares during the period. Hedge funds and other institutional investors 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.