Robert Wayne Drummond, Jr. Sells 1,605 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 1,605 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $12.85, for a total value of $20,624.25. Following the sale, the director owned 1,127,168 shares in the company, valued at $14,484,108.80. The trade was a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Patterson-UTI Energy Price Performance

PTEN opened at $12.42 on Friday. The firm has a market cap of $4.74 billion, a P/E ratio of -54.00 and a beta of 0.66. The firm has a 50-day moving average of $10.59 and a 200 day moving average of $10.61. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.31.

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quarry LP increased its position 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 valued at $26,000 after buying an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $32,000. Rockefeller Capital Management L.P. grew its stake 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 valued at $40,000 after acquiring an additional 4,299 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its holdings in Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 1,547 shares during the period. Institutional investors own 97.91% of the company’s stock.

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

Wall Street Analyst Weigh In

PTEN has been the subject of several recent research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Barclays increased their target price on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Susquehanna upped their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research note on Monday, August 3rd. Finally, The Goldman Sachs Group raised their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

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.