Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) Director Sells 10,000 Shares of Stock

Key Points

• Director Cesar Jaime sold 10,000 shares on May 5 at an average price of $12.29 for $122,900, trimming his stake by 11.43% to 77,462 shares.
• Patterson-UTI reported Q1 EPS of ($0.06) versus consensus ($0.10) and revenue of $1.12 billion (down 12.7% year-over-year), though the company still shows negative ROE and net margin.
• The company declared a quarterly dividend of $0.10 (3.5% yield); the stock trades near $11.41 with a MarketBeat consensus rating of "Moderate Buy" (target $11.80) and about 97.9% institutional ownership.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Patterson-UTI Energy Trading Down 1.5%

Shares of NASDAQ:PTEN traded down $0.17 during trading on Thursday, reaching $11.41. The company's stock had a trading volume of 6,520,818 shares, compared to its average volume of 10,304,166. The stock has a market capitalization of $4.33 billion, a PE ratio of -36.81 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $12.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The firm's 50 day simple moving average is $10.39 and its two-hundred day simple moving average is $7.99.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. The firm's revenue was down 12.7% compared to the same quarter last year. On average, research analysts predict that Patterson-UTI Energy, Inc. will post -0.22 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors 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 3.5%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is presently -129.03%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in PTEN. Dimensional Fund Advisors LP raised its stake in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after acquiring an additional 2,745,872 shares in the last quarter. American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 7.9% during the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock worth $80,804,000 after purchasing an additional 1,135,704 shares during the period. State Street Corp increased its holdings in Patterson-UTI Energy by 0.5% during 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 purchasing an additional 75,560 shares during the period. Sourcerock Group LLC raised 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 valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted 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 worth $64,517,000 after buying an additional 5,551,276 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective 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. Barclays upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $15.00 target price for the company in a report on Thursday. The Goldman Sachs Group lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Susquehanna upped their price target on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the company a "positive" rating in a report on Tuesday, April 7th. Finally, Stifel Nicolaus raised their price objective 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 research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $11.80.

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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