Forrest Robinson Sells 13,670 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CAO Forrest Robinson sold 13,670 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $11.49 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The stock’s fifty day moving average price is $11.39 and its 200 day moving average price is $9.02. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The company has a market cap of $4.36 billion, a price-to-earnings ratio of -37.06 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. The firm’s revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. boosted its stake in shares of Patterson-UTI Energy by 10.3% during the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after acquiring an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Patterson-UTI Energy by 14.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock worth $7,082,000 after acquiring an additional 169,816 shares in the last quarter. Magnetar Financial LLC boosted its stake in shares of Patterson-UTI Energy by 728.4% during the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock worth $1,455,000 after acquiring an additional 247,010 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Patterson-UTI Energy by 141.3% during the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after acquiring an additional 107,638 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $2,206,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PTEN. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Piper Sandler increased their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Citigroup increased their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.30.

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.