Patterson-UTI Energy (NASDAQ:PTEN) Director Sells 198,395 Shares of Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded down $0.60 during trading hours on Thursday, hitting $12.55. 5,938,816 shares of the stock were exchanged, compared to its average volume of 9,949,020. The company has a market cap of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.31. The stock has a 50-day moving average of $10.48 and a 200 day moving average of $10.57. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Royal Bank Of Canada upped their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Zacks Research downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Finally, Barclays upped their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $12.95.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the company. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Patterson-UTI Energy during the second quarter worth $32,000. Rockefeller Capital Management L.P. raised its holdings in Patterson-UTI Energy by 187.6% during the fourth 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 during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its position in Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,547 shares in the last quarter. 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.