Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $2,388,780.00 in Stock

Key Points

• Director James Carl Stewart sold 207,000 PTEN shares at an average price of $11.54, generating proceeds of approximately $2.39 million in an SEC-reported transaction.
• Patterson-UTI Energy shares rose 2.0% to $11.75, while the company announced a quarterly dividend of $0.10 per share, representing a 3.4% annualized yield.
• Institutional investors own 97.91% of the stock, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $12.95.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director James Carl Stewart sold 207,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Patterson-UTI Energy Stock Up 2.0%

Patterson-UTI Energy stock traded up $0.23 during midday trading on Wednesday, hitting $11.75. 8,448,185 shares of the stock were exchanged, compared to its average volume of 9,953,508. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. 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 has a market cap of $4.48 billion, a P/E ratio of -51.09 and a beta of 0.63. The company has a 50 day moving average price of $10.18 and a two-hundred day moving average price of $10.40.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is currently -173.91%.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter worth $577,234,000. Dimensional Fund Advisors LP lifted its stake in Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock worth $229,732,000 after acquiring an additional 2,745,872 shares in the last quarter. State Street Corp lifted its stake in Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock worth $93,270,000 after acquiring an additional 75,560 shares in the last quarter. Sourcerock Group LLC boosted its position in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on PTEN. Barclays raised their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday. Zacks Research raised shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.95.

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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