Robert Wayne Drummond Jr Sells 322,699 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Key Points

• Director Robert Wayne Drummond Jr. sold 322,699 shares of Patterson-UTI Energy (PTEN) on May 1 at an average price of $12.04 for about $3.89 million, cutting his stake by 21.33% to 1,190,248 shares.
• Patterson-UTI posted Q1 EPS of -$0.06 (beating estimates) on $1.12B revenue but remains unprofitable with negative ROE and net margin; the company declared a $0.10 quarterly dividend (3.3% yield) and analysts' consensus rating is "Hold" with a $11.30 target.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 322,699 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director directly owned 1,190,248 shares in the company, valued at $14,330,585.92. The trade was a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded up $0.30 during trading hours on Monday, hitting $12.29. The stock had a trading volume of 7,016,126 shares, compared to its average volume of 10,963,433. The firm has a market capitalization of $4.67 billion, a PE ratio of -39.64 and a beta of 0.64. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $12.41. The stock has a fifty day moving average price of $10.19 and a 200 day moving average price of $7.86.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business's quarterly revenue was down 12.7% on a year-over-year basis. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.22 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.3%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -129.03%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PTEN. Barclays lifted their target price 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. Piper Sandler upped their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. The Goldman Sachs Group increased their price objective 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. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Morgan Stanley lifted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $11.30.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in Patterson-UTI Energy by 8.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company's stock valued at $112,825,000 after acquiring an additional 1,465,102 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of 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 valued at $80,804,000 after purchasing an additional 1,135,704 shares during the last quarter. State Street Corp grew its position in shares of Patterson-UTI Energy by 0.5% during the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after purchasing an additional 75,560 shares in the last quarter. Sourcerock Group LLC grew its position in shares of Patterson-UTI Energy by 109.2% during the second 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. increased its holdings 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 purchasing an additional 5,551,276 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

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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