Key Points
- Patterson-UTI Energy CAO Forrest Robinson sold 13,670 shares on June 8 at an average price of $12.01, totaling about $164,176.70. After the transaction, he still held 56,842 shares, a 19.39% reduction in his position.
- The stock was trading up 3.7% and opened at $12.02, near its 52-week high of $13.08 and well above its 52-week low of $5.10. The company’s market cap is about $4.56 billion.
- Recent fundamentals were mixed: Patterson-UTI posted EPS of -$0.06 for the quarter, beating estimates, while revenue of $1.12 billion slightly topped forecasts but fell 12.7% year over year. The company also declared a quarterly dividend of $0.10 per share, yielding about 3.3% annualized.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CAO Forrest Robinson sold 13,670 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Patterson-UTI Energy Trading Up 3.7%
NASDAQ PTEN opened at $12.02 on Thursday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The business's 50-day moving average price is $11.38 and its two-hundred day moving average price is $8.98. The firm has a market capitalization of $4.56 billion, a PE ratio of -38.77 and a beta of 0.61.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS 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 business's revenue was down 12.7% on a year-over-year basis. On average, analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current year.
Patterson-UTI Energy Dividend Announcement
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 paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is -129.03%.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on PTEN. Stifel Nicolaus increased their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. Finally, Citigroup raised their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. 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 given a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy has an average rating of "Moderate Buy" and an average price target of $12.30.
Get Our Latest Analysis on PTEN
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. Quarry LP grew 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. First Horizon Corp boosted its position in shares of Patterson-UTI Energy by 58.5% in the 4th 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 in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $37,000. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% in the 4th 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 in the last quarter. Finally, Torren Management LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 97.91% of the company's stock.
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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