Key Points
- Director James Carl Stewart sold 350,000 shares of Patterson-UTI on Dec. 17 at an average price of $5.87 for $2.05M and then sold an additional 368,254 shares on Dec. 18 at $5.87 for $2.16M, cutting his position to 575,254 shares (a ~37.8% reduction).
- Patterson-UTI reported negative recent earnings (last quarter EPS -$0.38) and a negative P/E (-16.19) but pays a quarterly dividend of $0.08 (annualized yield ~5.5%); analysts have an average rating of Hold with a $7.28 price target.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director James Carl Stewart sold 350,000 shares of the company's stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $5.87, for a total transaction of $2,054,500.00. Following the transaction, the director directly owned 575,254 shares in the company, valued at $3,376,740.98. The trade was a 37.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.
James Carl Stewart also recently made the following trade(s):
- On Thursday, December 18th, James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98.
Patterson-UTI Energy Stock Performance
Patterson-UTI Energy stock opened at $5.83 on Friday. The stock has a fifty day moving average price of $6.02 and a 200 day moving average price of $5.89. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $9.57. The firm has a market capitalization of $2.21 billion, a P/E ratio of -16.19 and a beta of 0.77. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million during the quarter. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.
Patterson-UTI Energy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.5%. Patterson-UTI Energy's dividend payout ratio is -88.89%.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on PTEN shares. Barclays restated an "equal weight" rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Susquehanna decreased their target price on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a report on Wednesday, September 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Patterson-UTI Energy in a report on Monday. Tudor Pickering downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 17th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a "sell" rating to a "hold" rating in a research note on Saturday, October 25th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $7.28.
Read Our Latest Analysis on Patterson-UTI Energy
Institutional Trading of Patterson-UTI Energy
Hedge funds have recently made changes to their positions in the company. Sourcerock Group LLC boosted its stake in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the period. Holocene Advisors LP boosted its position in Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock valued at $47,801,000 after buying an additional 5,891,956 shares during the last quarter. Millennium Management LLC grew its stake in shares of Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock valued at $46,565,000 after acquiring an additional 4,442,700 shares in the last quarter. Norges Bank purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth about $25,987,000. Finally, American Century Companies Inc. lifted its stake in shares of Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company's stock worth $85,769,000 after acquiring an additional 2,746,159 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.
Patterson-UTI Energy Company Profile
(
Get Free Report)
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.
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