Patterson-UTI Energy (NASDAQ:PTEN) Director Robert Wayne Drummond Jr Sells 61,475 Shares

Key Points

• Director Robert Wayne Drummond Jr. sold 61,475 shares on May 4 at an average price of $12.02 for about $738,930, trimming his stake by 5.16% to 1,128,773 shares (valued ~ $13.57M).
• Quarterly dividend of $0.10 announced, payable June 15 with an ex-dividend/record date of June 1, representing an annualized $0.40 and a ~3.3% yield.
• Patterson-UTI reported Q1 EPS of ($0.06) beating estimates by $0.04 while revenue fell 12.7% year-over-year to $1.12B; the stock has a market cap of ~$4.67B and a MarketBeat consensus rating of "Hold" with an average price target of $11.30.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares of the company's stock, valued at $13,567,851.46. The trade was a 5.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded up $0.30 on Monday, hitting $12.29. The company had a trading volume of 7,016,126 shares, compared to its average volume of 10,963,433. 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 company has a market cap of $4.67 billion, a PE ratio of -39.64 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $12.41. The business has a 50 day moving average of $10.19 and a 200 day moving average of $7.86.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $1.11 billion. The company's quarterly revenue was down 12.7% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed 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 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's payout ratio is currently -129.03%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Morgan Stanley increased their price target on 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 Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price objective on the stock in a report on Monday, April 20th. Barclays lifted their price objective on Patterson-UTI Energy from $8.00 to $10.00 and gave the company an "equal weight" rating in a research report on Monday, April 27th. Finally, Citigroup increased their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. One equities 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 given a Sell rating to the company's stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of "Hold" and an average price target of $11.30.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. O Shaughnessy Asset Management LLC raised its position in shares of Patterson-UTI Energy by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock worth $85,000 after buying an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd grew its position in Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock valued at $53,000 after acquiring an additional 1,547 shares during the period. Sage Rhino Capital LLC increased its stake in Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company's stock worth $155,000 after acquiring an additional 1,575 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Patterson-UTI Energy by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock worth $2,197,000 after acquiring an additional 1,915 shares during the last quarter. Finally, First Horizon Corp raised its holdings in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 2,049 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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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