Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) EVP Sells 120,000 Shares of Stock

Key Points

• Executive insider sale: EVP Seth Wexler sold 120,000 Patterson-UTI Energy shares at an average price of $12.75, generating $1.53 million. His remaining holdings fell 22.88% to 404,582 shares.
• Stock performance and dividend: PTEN shares declined 4.6% to $12.55, while the company announced a quarterly dividend of $0.10 per share, equivalent to a 3.2% annualized yield.
• Analyst outlook remains moderately positive: Nine analysts rate the stock Buy, five Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $12.95.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) EVP Seth Wexler sold 120,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president owned 404,582 shares in the company, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Patterson-UTI Energy Trading Down 4.6%

Shares of Patterson-UTI Energy stock traded down $0.60 on Thursday, reaching $12.55. The company had a trading volume of 5,938,816 shares, compared to its average volume of 9,949,020. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -54.57 and a beta of 0.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm's 50-day moving average price is $10.48 and its two-hundred day moving average price is $10.57. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year 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. Shareholders 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 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy's payout ratio is -173.91%.

Institutional Trading of Patterson-UTI Energy

A number of large investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy in the second quarter worth approximately $32,000. Quarry LP increased its holdings 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 worth $26,000 after purchasing an additional 3,862 shares during the period. Nykredit A S bought a new stake in Patterson-UTI Energy during the 2nd quarter valued at $56,000. Rockefeller Capital Management L.P. raised its position 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 valued at $40,000 after purchasing an additional 4,299 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth $68,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PTEN shares. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price for the company in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Finally, 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. 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 data from MarketBeat.com, Patterson-UTI Energy currently has a consensus 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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