Patterson-UTI Energy (NASDAQ:PTEN) CEO William Andrew Hendricks Jr Sells 200,000 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Patterson-UTI Energy Stock Down 2.6%

Shares of PTEN stock traded down $0.31 during mid-day trading on Tuesday, reaching $11.59. 7,149,954 shares of the company’s stock traded hands, compared to its average volume of 10,377,616. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market cap of $4.40 billion, a P/E ratio of -37.39 and a beta of 0.61. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average price is $11.36 and its 200-day moving average price is $8.89.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -129.03%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Alpine Woods Capital Investors LLC purchased a new position in Patterson-UTI Energy in the 1st quarter worth approximately $243,000. Glenmede Trust Co. NA raised its holdings in Patterson-UTI Energy by 199.9% in the 1st quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company’s stock worth $386,000 after acquiring an additional 23,755 shares during the last quarter. Bank of America Corp DE raised its holdings in Patterson-UTI Energy by 10.9% in the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock worth $52,581,000 after acquiring an additional 475,623 shares during the last quarter. Amundi raised its holdings in Patterson-UTI Energy by 646.3% in the 1st quarter. Amundi now owns 110,955 shares of the oil and gas company’s stock worth $1,202,000 after acquiring an additional 96,088 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in Patterson-UTI Energy by 20.4% in the 1st quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company’s stock worth $4,606,000 after acquiring an additional 72,082 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PTEN shares. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research report on Monday, April 20th. Morgan Stanley boosted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Finally, Susquehanna boosted their price target on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.30.

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.