Robert Wayne Drummond, Jr. Sells 198,395 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 198,395 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.42 on Friday. The stock has a 50 day moving average of $10.59 and a 200 day moving average of $10.61. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of -54.00 and a beta of 0.66. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.31. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PTEN. Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. Finally, Stifel Nicolaus increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Key Headlines Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amundi increased its holdings in Patterson-UTI Energy by 35.2% in the 2nd quarter. Amundi now owns 150,062 shares of the oil and gas company’s stock worth $1,378,000 after acquiring an additional 39,107 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Patterson-UTI Energy during the second quarter valued at about $1,179,000. California State Teachers Retirement System lifted its holdings in Patterson-UTI Energy by 749.6% during the second quarter. California State Teachers Retirement System now owns 3,612,991 shares of the oil and gas company’s stock valued at $33,167,000 after purchasing an additional 3,187,710 shares during the last quarter. HB Wealth Management LLC boosted its position in Patterson-UTI Energy by 42.0% during the second quarter. HB Wealth Management LLC now owns 17,150 shares of the oil and gas company’s stock worth $157,000 after purchasing an additional 5,076 shares during the period. Finally, AlphaGrep UK Ltd bought a new position in Patterson-UTI Energy during the second quarter worth about $563,000. 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.