Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $20,624.25 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 1,605 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $12.85, for a total transaction of $20,624.25. Following the completion of the sale, the director directly owned 1,127,168 shares in the company, valued at $14,484,108.80. This trade represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patterson-UTI Energy Stock Down 1.0%

Shares of NASDAQ:PTEN opened at $12.42 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.31. The business has a 50 day simple moving average of $10.59 and a two-hundred day simple moving average of $10.61. The firm has a market capitalization of $4.74 billion, a PE ratio of -54.00 and a beta of 0.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 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 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Key Headlines Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of recent analyst reports. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.25.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in the company. Quarry LP grew its position in shares of 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 buying an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $32,000. Rockefeller Capital Management L.P. lifted its stake in Patterson-UTI Energy by 187.6% in 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 acquiring an additional 4,299 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the period. Finally, Aster Capital Management DIFC Ltd grew its holdings in Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.