Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $122,900.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the sale, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Patterson-UTI Energy Stock Down 1.5%

NASDAQ:PTEN traded down $0.17 during mid-day trading on Thursday, reaching $11.41. The company’s stock had a trading volume of 6,520,818 shares, compared to its average volume of 10,304,166. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $12.62. The stock has a fifty day moving average of $10.39 and a 200-day moving average of $7.99. The firm has a market capitalization of $4.33 billion, a PE ratio of -36.81 and a beta of 0.64. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue was down 12.7% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm 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 dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

Analysts Set New Price Targets

A number of equities analysts recently commented on PTEN shares. Morgan Stanley boosted their price objective on shares of 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. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research report on Monday, April 20th. Piper Sandler upped their price objective on Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, Citigroup raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.80.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp raised its holdings in 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. Versant Capital Management Inc raised its stake in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after buying an additional 3,343 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Patterson-UTI Energy in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.