Key Points
- Patterson-UTI Energy COO James Michael Holcomb sold 150,000 shares on May 28 at an average price of $11.47, generating about $1.72 million. After the sale, he still held 421,523 shares, a 26.25% reduction in his ownership stake.
- The company’s stock was trading higher, opening at $11.53 and up 2.9% in the session, with a 52-week range of $5.10 to $13.08. The shares also sit above both the 50-day and 200-day moving averages.
- Analysts remain generally constructive on PTEN, with an average rating of “Moderate Buy” and a consensus price target of $12.10. The company also pays a quarterly dividend of $0.10 per share, implying a 3.5% annualized yield.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.
Patterson-UTI Energy Trading Up 2.9%
Shares of NASDAQ:PTEN opened at $11.53 on Tuesday. The firm has a fifty day moving average of $11.26 and a two-hundred day moving average of $8.68. The firm has a market capitalization of $4.38 billion, a P/E ratio of -37.19 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. 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 (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company's revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current fiscal year.
Patterson-UTI Energy Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. Patterson-UTI Energy's dividend payout ratio (DPR) is -129.03%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on PTEN shares. The Goldman Sachs Group lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Barclays raised shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $10.00 to $15.00 in a research note on Thursday, May 7th. Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Piper Sandler lifted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $12.10.
View Our Latest Report on PTEN
Institutional Investors Weigh In On Patterson-UTI Energy
Several institutional investors and hedge funds have recently modified their holdings of PTEN. Sourcerock Group LLC lifted its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd 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 last quarter. Holocene Advisors LP lifted its stake in shares of 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 purchasing an additional 5,891,956 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the last quarter. UBS Group AG lifted its position in Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock worth $50,839,000 after acquiring an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock worth $46,565,000 after acquiring an additional 4,442,700 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.
Patterson-UTI Energy Company Profile
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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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