Key Points
- Patterson-UTI Energy CEO William Andrew Hendricks, Jr. sold 200,000 shares on June 5 at an average price of $11.64, totaling about $2.33 million. After the sale, he still owned 2.54 million shares, a 7.29% reduction in his stake.
- The stock was down 2.6% and opened at $11.59, near its recent trading range. PTEN has a 1-year range of $5.10 to $13.08 and a market value of about $4.4 billion.
- Analysts remain mixed but broadly constructive on Patterson-UTI Energy, with a consensus “Moderate Buy” and an average price target of $12.30. Recent upgrades from KeyCorp and Barclays helped offset a few more cautious ratings.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer owned 2,542,474 shares of the company's stock, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Patterson-UTI Energy Trading Down 2.6%
Shares of NASDAQ PTEN opened at $11.59 on Wednesday. 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 has a market capitalization of $4.40 billion, a P/E ratio of -37.39 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The business has a fifty day moving average price of $11.36 and a 200 day moving average price of $8.94.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy's revenue for the quarter was down 12.7% compared to the same quarter last year. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.
Patterson-UTI Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is -129.03%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. increased its position in 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 valued at $7,717,000 after buying an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board increased its position in 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 valued at $7,082,000 after buying an additional 169,816 shares in the last quarter. Magnetar Financial LLC increased its position in 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 valued at $1,455,000 after buying an additional 247,010 shares in the last quarter. SG Americas Securities LLC increased its position in 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 valued at $1,123,000 after buying an additional 107,638 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $2,206,000. 97.91% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on PTEN. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. 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. Finally, Barclays upgraded Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. One research 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 issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $12.30.
Get 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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