Seth David Wexler Sells 120,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) EVP Seth Wexler sold 120,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This trade represents a 22.88% 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 the SEC website.

Patterson-UTI Energy Stock Down 4.6%

Patterson-UTI Energy stock traded down $0.60 during midday trading on Thursday, hitting $12.55. 5,938,816 shares of the company’s stock were exchanged, compared to its average volume of 9,949,020. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a market cap of $4.79 billion, a PE ratio of -54.57 and a beta of 0.66. The firm has a 50-day moving average of $10.48 and a two-hundred day moving average of $10.57.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy’s payout ratio is -173.91%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PTEN. Royal Bank Of Canada upped their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Barclays lifted their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.95.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC increased its stake in Patterson-UTI Energy by 6.2% during the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after buying an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares during the period. Assetmark Inc. increased its position in shares of Patterson-UTI Energy by 8.1% in the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 1,786 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Patterson-UTI Energy by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after acquiring an additional 1,915 shares during the last quarter. 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.