James Carl Stewart Sells 350,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 350,000 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $5.87, for a total value of $2,054,500.00. Following the completion of the sale, the director owned 575,254 shares of the company’s stock, valued at $3,376,740.98. This represents a 37.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

James Carl Stewart also recently made the following trade(s):

• On Thursday, December 18th, James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98.

Patterson-UTI Energy Stock Up 1.0%

NASDAQ PTEN traded up $0.06 during trading on Friday, reaching $5.83. 15,119,057 shares of the company’s stock traded hands, compared to its average volume of 10,495,368. The company’s 50 day simple moving average is $6.01 and its two-hundred day simple moving average is $5.89. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -16.19 and a beta of 0.77. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The company had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. As a group, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -88.89%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently bought and sold shares of PTEN. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. Versant Capital Management Inc lifted its position in Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after buying an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy during the third quarter worth $37,000. Blue Trust Inc. grew its holdings in Patterson-UTI Energy by 43.0% in the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 2,717 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Patterson-UTI Energy by 494.6% in the 2nd 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 last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PTEN shares. Barclays restated an “equal weight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday. Finally, Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $7.28.

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.