Patterson-UTI Energy (NASDAQ:PTEN) CEO William Andrew Hendricks Jr Sells 200,000 Shares

Key Points

• Patterson-UTI Energy CEO William Andrew Hendricks Jr. sold 200,000 shares on June 5 at an average price of $11.64, totaling about $2.33 million. After the sale, he still held more than 2.54 million shares.
• PTEN shares were down 2.6% in mid-day trading, with the stock at $11.59. The company has a market cap of about $4.4 billion and a 52-week range of $5.10 to $13.08.
• Recent fundamentals were mixed: Patterson-UTI beat earnings expectations in its latest quarter but posted year-over-year revenue decline. The company also declared a quarterly dividend of $0.10 per share, while analysts currently rate the stock a consensus “Moderate Buy.”

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Patterson-UTI Energy Stock Down 2.6%

Shares of PTEN stock traded down $0.31 during mid-day trading on Tuesday, reaching $11.59. 7,149,954 shares of the company's stock traded hands, compared to its average volume of 10,377,616. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market cap of $4.40 billion, a P/E ratio of -37.39 and a beta of 0.61. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The company's 50-day moving average price is $11.36 and its 200-day moving average price is $8.89.

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

Patterson-UTI Energy Dividend Announcement

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

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Alpine Woods Capital Investors LLC purchased a new position in Patterson-UTI Energy in the 1st quarter worth approximately $243,000. Glenmede Trust Co. NA raised its holdings in Patterson-UTI Energy by 199.9% in the 1st quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company's stock worth $386,000 after acquiring an additional 23,755 shares during the last quarter. Bank of America Corp DE raised its holdings in Patterson-UTI Energy by 10.9% in the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company's stock worth $52,581,000 after acquiring an additional 475,623 shares during the last quarter. Amundi raised its holdings in Patterson-UTI Energy by 646.3% in the 1st quarter. Amundi now owns 110,955 shares of the oil and gas company's stock worth $1,202,000 after acquiring an additional 96,088 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in Patterson-UTI Energy by 20.4% in 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 acquiring an additional 72,082 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PTEN shares. Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target on the stock in a research report on Monday, April 20th. Morgan Stanley boosted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Finally, Susquehanna boosted their price target on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a "positive" rating in a research report on Wednesday, May 27th. 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.30.

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.