Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells $3,232,500.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.93, for a total transaction of $3,232,500.00. Following the transaction, the chief executive officer owned 2,292,474 shares in the company, valued at $29,641,688.82. This trade represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patterson-UTI Energy Stock Down 4.6%

Shares of PTEN traded down $0.60 during midday trading on Thursday, hitting $12.55. The company had a trading volume of 5,938,816 shares, compared to its average volume of 9,949,020. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. The company’s 50 day moving average price is $10.48 and its 200 day moving average price is $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, Inc. has a 52 week low of $5.10 and a 52 week high of $13.31.

Patterson-UTI Energy Dividend Announcement

The company 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 $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PTEN shares. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research report on Friday, July 31st. Barclays raised their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Citigroup dropped their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 29th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its stake in Patterson-UTI Energy by 6.2% in the first 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 last quarter. O Shaughnessy Asset Management LLC raised its holdings 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 valued at $85,000 after purchasing an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its stake in shares of 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. Assetmark Inc. boosted its holdings 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 worth $258,000 after purchasing an additional 1,786 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after purchasing an additional 1,915 shares in the last quarter. 97.91% of the stock is 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.