Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells 250,000 Shares

Key Points

• CEO William Hendricks Jr. sold 250,000 PTEN shares at an average price of $12.93, generating $3.23 million. His remaining direct ownership fell by 9.83% to 2.29 million shares.
• Patterson-UTI Energy shares traded at $12.55, near the company’s 12-month high of $13.31, while the company maintained a quarterly dividend of $0.10 per share, implying a 3.2% annualized yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $12.95; institutional investors own approximately 97.91% of the stock.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Hendricks, Jr. sold 250,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 2,292,474 shares in the company, valued at $29,641,688.82. This trade represents a 9.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.60 during trading hours on Thursday, hitting $12.55. The company's stock had a trading volume of 5,938,816 shares, compared to its average volume of 9,949,020. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average of $10.48 and a 200-day moving average of $10.57. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.31. The stock 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 Dividend Announcement

The business also recently declared 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 of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -173.91%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PTEN. Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. 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 note on Friday, July 31st. The Goldman Sachs Group raised their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.95.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds have recently made changes to their positions in PTEN. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the second quarter valued at $32,000. Quarry LP grew its stake in 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 valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. Nykredit A S purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $56,000. Rockefeller Capital Management L.P. increased its holdings in Patterson-UTI Energy by 187.6% during the 4th 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. Finally, Allworth Financial LP acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $68,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.

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