William Andrew Hendricks, Jr. Sells 250,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $11.91, for a total value of $2,977,500.00. Following the sale, the chief executive officer owned 2,042,474 shares of the company’s stock, valued at approximately $24,325,865.34. This trade represents a 10.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded down $0.36 during midday trading on Monday, hitting $11.42. The stock had a trading volume of 8,794,891 shares, compared to its average volume of 9,878,487. The company has a market capitalization of $4.36 billion, a PE ratio of -49.65 and a beta of 0.66. The stock has a 50 day simple moving average of $11.27 and a 200-day simple moving average of $10.92. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.39. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is currently -173.91%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. The Goldman Sachs Group raised their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. 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 research report on Friday, May 29th. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Finally, Barclays increased their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.25.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $32,000. Nykredit A S acquired a new stake in Patterson-UTI Energy during the second quarter worth about $56,000. Rockefeller Capital Management L.P. increased its position in Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares during the last quarter. Allworth Financial LP purchased a new position in Patterson-UTI Energy during the second quarter worth about $68,000. Finally, Cidel Asset Management Inc. acquired a new position in Patterson-UTI Energy in the 1st quarter valued at about $110,000. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company’s offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.