Key Points
- CEO sold 250,000 shares: Patterson-UTI CEO William Andrew Hendricks Jr. sold 250,000 shares on May 1 at an average price of $11.85 for proceeds of $2.9625M, reducing his holding by 8.14% to 2,823,103 shares valued at about $33.45M.
- The company beat Q1 EPS estimates with ($0.06) vs. ($0.10) expected and reported $1.12B in revenue (vs. $1.11B), but revenue was down 12.7% year-over-year and the firm still showed negative net margin and return on equity.
- Declared a quarterly dividend: Patterson-UTI announced a $0.10 quarterly dividend payable June 15 (ex-dividend June 1) implying a 3.3% yield and an anomalous payout ratio of -129%, while shares trade near $12 and analysts' average target is $11.30 (consensus "Hold").
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director owned 1,128,773 shares in the company, valued at $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Patterson-UTI Energy Trading Up 2.5%
NASDAQ PTEN opened at $12.29 on Tuesday. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $12.41. The firm has a market capitalization of $4.67 billion, a PE ratio of -39.64 and a beta of 0.64. The stock's 50 day moving average is $10.19 and its 200 day moving average is $7.86.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share 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 company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. Research analysts forecast that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current fiscal year.
Patterson-UTI Energy Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. Patterson-UTI Energy's payout ratio is currently -129.03%.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the business. Quarry LP raised its stake in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 3,862 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Patterson-UTI Energy by 127.3% in the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 3,343 shares during the last quarter. First Horizon Corp raised its stake in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Patterson-UTI Energy in the third quarter worth $37,000. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 4,299 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on PTEN shares. Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Barclays boosted their target price on Patterson-UTI Energy from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Monday, April 27th. Citigroup boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 target price on the stock in a report on Monday, April 20th. Finally, Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $11.30.
View Our Latest Stock Analysis on Patterson-UTI Energy
About Patterson-UTI Energy
(
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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