Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) Director Sells 164,775 Shares of Stock

Key Points

• Director Robert Wayne Drummond Jr. sold 164,775 shares on March 16 at an average price of $10.18, for a total of $1,677,409.50, according to an SEC filing.
• Patterson-UTI raised its quarterly dividend to $0.10 (annualized $0.40) from $0.08, yielding about 3.7%, with the dividend paid March 16 to holders of record on March 2.
• The company reported quarterly EPS of -$0.02 (beating estimates of -$0.11) and revenue of $1.15B, the stock trades near $10.74 with a $4.08B market cap, and analysts’ consensus rating is “Hold” with a $8.11 price target.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Patterson-UTI Energy Trading Up 0.2%

NASDAQ:PTEN traded up $0.02 during midday trading on Wednesday, reaching $10.74. 11,380,698 shares of the stock traded hands, compared to its average volume of 11,371,256. The stock has a market capitalization of $4.08 billion, a P/E ratio of -42.96 and a beta of 0.71. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. The company has a fifty day moving average of $8.16 and a 200 day moving average of $6.69. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $10.87.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.09. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company's revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) EPS. On average, research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.7%. This is a boost from Patterson-UTI Energy's previous quarterly dividend of $0.08. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -160.00%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Sourcerock Group LLC grew its holdings 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 worth $81,856,000 after purchasing an additional 7,205,652 shares during the period. Holocene Advisors LP boosted its holdings in Patterson-UTI Energy by 176.6% in 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 acquiring an additional 5,891,956 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Patterson-UTI Energy by 110.8% in 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 acquiring 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 worth $50,839,000 after acquiring an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of 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 valued at $46,565,000 after acquiring an additional 4,442,700 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PTEN. Weiss Ratings reiterated a "sell (d-)" rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Citigroup lifted their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Monday, February 9th. Piper Sandler boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group upped their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "buy" rating in a report on Wednesday, March 4th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus price target of $8.11.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.