Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) CAO Sells 13,670 Shares of Stock

Key Points

• Patterson-UTI Energy CAO Forrest Robinson sold 13,670 shares on June 8 at an average price of $12.01, totaling about $164,177. After the sale, he still held 56,842 shares, representing a 19.39% reduction in his stake.
• The stock was trading up 3.7% at $12.02, near its 52-week high of $13.08 and above both its 50-day and 200-day moving averages. The company has a market cap of $4.56 billion and a beta of 0.61.
• Patterson-UTI recently beat earnings expectations with quarterly EPS of -$0.06 versus the -$0.10 consensus and revenue of $1.12 billion, slightly ahead of estimates. The company also announced a quarterly dividend of $0.10 per share, implying a 3.3% yield.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CAO Forrest Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Patterson-UTI Energy Trading Up 3.7%

PTEN traded up $0.43 during mid-day trading on Wednesday, hitting $12.02. The stock had a trading volume of 6,358,886 shares, compared to its average volume of 10,342,098. The stock's fifty day simple moving average is $11.36 and its 200-day simple moving average is $8.94. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of -38.77 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy's revenue for the quarter was down 12.7% on a year-over-year basis. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is -129.03%.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. Sourcerock Group LLC grew its stake in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Holocene Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock valued at $47,801,000 after buying an additional 5,891,956 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of 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. UBS Group AG grew its stake in shares of Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock valued at $50,839,000 after buying an additional 4,558,445 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock valued at $46,565,000 after buying an additional 4,442,700 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on PTEN shares. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Morgan Stanley raised their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 15th. Susquehanna raised their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a "positive" rating in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus raised their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $12.30.

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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