Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) COO Sells 150,000 Shares of Stock

Key Points

• Patterson-UTI Energy COO James Michael Holcomb sold 150,000 shares on May 28 at an average price of $11.47, totaling about $1.72 million. The sale cut his stake by 26.25%, leaving him with 421,523 shares.
• The company recently reported quarterly earnings of -$0.06 per share, beating analysts’ expectations of -$0.10, while revenue came in at $1.12 billion, slightly above estimates. However, revenue was still down 12.7% year over year.
• Patterson-UTI Energy also declared a quarterly dividend of $0.10 per share, implying a 3.5% annualized yield. Analyst sentiment remains moderately positive, with an average price target of $12.10.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded up $0.32 during mid-day trading on Monday, reaching $11.53. 8,449,332 shares of the company were exchanged, compared to its average volume of 10,467,486. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The firm's 50-day simple moving average is $11.25 and its two-hundred day simple moving average is $8.65. The firm has a market cap of $4.38 billion, a PE ratio of -37.19 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly 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. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy's quarterly revenue was down 12.7% on a year-over-year basis. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.16 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -129.03%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alpine Woods Capital Investors LLC acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at about $243,000. Glenmede Trust Co. NA lifted its holdings in shares of Patterson-UTI Energy by 199.9% in the first quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company's stock valued at $386,000 after purchasing an additional 23,755 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Patterson-UTI Energy by 10.9% in the first quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company's stock valued at $52,581,000 after purchasing an additional 475,623 shares in the last quarter. Amundi grew its position in shares of Patterson-UTI Energy by 646.3% in the first quarter. Amundi now owns 110,955 shares of the oil and gas company's stock valued at $1,202,000 after purchasing an additional 96,088 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Patterson-UTI Energy by 20.4% during the 1st quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company's stock worth $4,606,000 after purchasing an additional 72,082 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target for the company in a report on Monday, April 20th. Finally, Piper Sandler raised their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $12.10.

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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