Patterson-UTI Energy (NASDAQ:PTEN) Director James Carl Stewart Sells 207,000 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $11.75 on Thursday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock’s 50 day moving average is $10.21 and its 200-day moving average is $10.42. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -51.09 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PTEN. Citigroup cut their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research note on Friday, July 31st. Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. 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. Finally, KeyCorp raised shares of 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, nine have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the stock. Convergence Investment Partners LLC purchased a new position in shares of Patterson-UTI Energy in the 1st quarter worth about $1,325,000. Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 92.6% during the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after buying an additional 4,093,636 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $1,161,000. Gagnon Securities LLC lifted its position in Patterson-UTI Energy by 69.0% in the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after buying an additional 144,080 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock worth $5,457,000 after buying an additional 312,680 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.