Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $2,549,375.75 in Stock

Key Points

• Director Robert Drummond Jr. sold 198,395 PTEN shares at an average price of $12.85, generating $2.55 million. His direct ownership fell 17.6% to 928,773 shares.
• Patterson-UTI Energy shares declined 4.6% to $12.55, while the company declared a quarterly dividend of $0.10 per share, representing a 3.2% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $12.95 target price; institutional investors and hedge funds own 97.91% of the stock.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Drummond Jr. sold 198,395 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares of the company's stock, valued at $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Patterson-UTI Energy Stock Down 4.6%

Patterson-UTI Energy stock traded down $0.60 during mid-day 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 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 1 year low of $5.10 and a 1 year high of $13.31. The business has a fifty day moving average of $10.48 and a 200 day moving average of $10.57. 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 Announces Dividend

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

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of research analyst reports. Barclays lifted their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Piper Sandler reissued an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Susquehanna raised their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research note on Monday, August 3rd. Stifel Nicolaus lifted their price target 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. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Nine investment 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. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus target price of $12.95.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $577,234,000. Sourcerock Group LLC lifted its holdings in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after purchasing an additional 7,205,652 shares during the period. Webs Creek Capital Management LP acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $53,729,934. Bank of America Corp DE purchased a new position in Patterson-UTI Energy in the 2nd quarter valued at $52,132,000. Finally, Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after buying an additional 5,551,276 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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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