Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $2,161,650.98 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 368,254 shares of the stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

James Carl Stewart also recently made the following trade(s):

• On Wednesday, December 17th, James Carl Stewart sold 350,000 shares of Patterson-UTI Energy stock. The shares were sold at an average price of $5.87, for a total value of $2,054,500.00.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded up $0.06 during mid-day trading on Friday, reaching $5.83. 15,119,057 shares of the company’s stock were exchanged, compared to its average volume of 10,495,368. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -16.19 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $9.57. The firm has a 50-day moving average price of $6.01 and a two-hundred day moving average price of $5.89.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The business had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. Analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.08 per share. The ex-dividend date was Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -88.89%.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the business. HighTower Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 29.6% during the first quarter. HighTower Advisors LLC now owns 24,411 shares of the oil and gas company’s stock valued at $201,000 after buying an additional 5,579 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Patterson-UTI Energy by 50.4% during the 1st quarter. Raymond James Financial Inc. now owns 1,048,086 shares of the oil and gas company’s stock valued at $8,615,000 after purchasing an additional 351,325 shares during the last quarter. Martingale Asset Management L P boosted its stake in Patterson-UTI Energy by 319.9% during the 1st quarter. Martingale Asset Management L P now owns 61,886 shares of the oil and gas company’s stock valued at $509,000 after purchasing an additional 47,146 shares during the last quarter. Summit Financial LLC purchased a new position in shares of Patterson-UTI Energy in the first quarter worth $126,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Patterson-UTI Energy by 79.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 10,568 shares of the oil and gas company’s stock valued at $87,000 after purchasing an additional 4,678 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on PTEN shares. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday. Tudor Pickering lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Hold” and a consensus price target of $7.28.

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.