Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells 250,000 Shares of Stock

Key Points

• CEO William Andrew Hendricks Jr. sold 250,000 shares on May 1 at an average price of $11.85 for about $2.96 million, cutting his stake by 8.14% to 2,823,103 shares (≈$33.45M).
• Patterson-UTI stock traded up to $12.29 (≈+2.5%); the company reported Q1 EPS of -$0.06 (beating estimates) on $1.12B revenue (down 12.7% YoY) and announced a quarterly dividend of $0.10 ($0.40 annualized, ~3.3% yield; ex-dividend June 1).
• Analyst coverage is mixed with a consensus "Hold" and an average price target of $11.30 despite several recent target increases and buy ratings, while institutional investors own about 97.91% of the stock.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the sale, the chief executive officer owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Patterson-UTI Energy Stock Up 2.5%

Shares of Patterson-UTI Energy stock traded up $0.30 during trading on Monday, reaching $12.29. The stock had a trading volume of 7,016,126 shares, compared to its average volume of 10,963,433. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of -39.64 and a beta of 0.64. The stock has a fifty day moving average price of $10.19 and a two-hundred day moving average price of $7.86. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $12.41. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company's quarterly revenue was down 12.7% on a year-over-year basis. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.22 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. Investors of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. Patterson-UTI Energy's payout ratio is currently -129.03%.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. Susquehanna lifted their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a "positive" rating in a research report on Tuesday, April 7th. The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, April 15th. Piper Sandler lifted their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Stifel Nicolaus boosted their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.30.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of PTEN. Sourcerock Group LLC increased its position in 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 buying an additional 7,205,652 shares during the last quarter. Holocene Advisors LP increased its position in Patterson-UTI Energy by 176.6% during the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock worth $47,801,000 after buying an additional 5,891,956 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after buying an additional 5,551,276 shares during the last quarter. UBS Group AG increased its position in Patterson-UTI Energy by 121.2% during the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after buying an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC increased its position in Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after buying an additional 4,442,700 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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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