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

Key Points

• Insider sale: Director Robert Drummond Jr. sold 1,605 Patterson-UTI Energy shares for $20,624.25, reducing his ownership by 0.14% while retaining 1,127,168 shares.
• Stock performance and dividend: PTEN shares fell 4.6% to $12.55, while the company announced a quarterly dividend of $0.10 per share, representing a 3.2% annualized yield.
• Investor sentiment: Institutional investors own 97.91% of the stock, and analysts maintain a “Moderate Buy” consensus with an average price target of $12.95.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Drummond Jr. sold 1,605 shares of Patterson-UTI Energy stock in a transaction that occurred on 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 of the company's stock, valued at $14,484,108.80. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Patterson-UTI Energy Trading Down 4.6%

Shares of Patterson-UTI Energy stock traded down $0.60 during trading hours on Thursday, reaching $12.55. 5,938,816 shares of the company's stock were exchanged, compared to its average volume of 9,949,020. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.31. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. The company has a fifty day moving average of $10.48 and a 200-day moving average of $10.57. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy's dividend payout ratio is -173.91%.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after purchasing an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after buying an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock worth $39,024,000 after buying an additional 220,422 shares during the period. United Services Automobile Association purchased a new stake in Patterson-UTI Energy during the first quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock worth $7,106,000 after acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PTEN has been the subject of a number of research analyst reports. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Barclays boosted their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Susquehanna upped their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd. The Goldman Sachs Group increased their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Finally, Citigroup decreased their price target 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 research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $12.95.

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.

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