Patterson-UTI Energy (NASDAQ:PTEN) COO Sells $1,720,500.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Patterson-UTI Energy Trading Up 2.4%

PTEN stock opened at $12.01 on Thursday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The firm has a market cap of $4.56 billion, a P/E ratio of -38.74 and a beta of 0.61. The business’s 50 day moving average is $11.30 and its 200-day moving average is $8.77. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating 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 analyst estimates of $1.11 billion. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.16 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PTEN shares. Susquehanna increased 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. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Citigroup increased their price target 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. Capital One Financial upgraded 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. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.10.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC lifted its stake in shares of Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC lifted its stake 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 valued at $85,000 after purchasing an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd lifted its stake in shares of Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 1,547 shares during the period. Sage Rhino Capital LLC lifted its stake in shares of Patterson-UTI Energy by 6.6% in the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after purchasing an additional 1,575 shares during the period. Finally, Assetmark Inc. lifted its stake in shares of Patterson-UTI Energy by 8.1% in the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after purchasing an additional 1,786 shares during the period. 97.91% of the stock is currently owned by 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.