Key Points
- CEO William Andrew Hendricks Jr. sold 250,000 Patterson-UTI Energy shares for approximately $2.98 million at an average price of $11.91, reducing his direct stake by 10.91% to 2.04 million shares. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
- Patterson-UTI Energy recently paid a quarterly dividend of $0.10 per share, equivalent to an annualized dividend of $0.40 and a 3.5% yield.
- Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $13.25 versus the reported share price of $11.42; nine analysts rate the stock a Buy, five a Hold, and one a Sell.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. The trade was a 10.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Patterson-UTI Energy Trading Down 3.1%
Shares of Patterson-UTI Energy stock opened at $11.42 on Tuesday. The company has a fifty day simple moving average of $11.30 and a 200-day simple moving average of $10.94. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.39. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of -49.65 and a beta of 0.66.
Patterson-UTI Energy Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. Patterson-UTI Energy's payout ratio is -173.91%.
Wall Street Analyst Weigh In
PTEN has been the topic of several research reports. Citigroup raised their price objective on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a "neutral" rating in a report on Friday, September 4th. Susquehanna upped their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research report on Monday, August 3rd. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Finally, Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and an average target price of $13.25.
Get Our Latest Report on PTEN
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its holdings in Patterson-UTI Energy by 107.2% during the second quarter. Sequoia Financial Advisors LLC now owns 22,147 shares of the oil and gas company's stock worth $203,000 after purchasing an additional 11,458 shares in the last quarter. Tidal Investments LLC boosted its holdings in Patterson-UTI Energy by 11.5% in the 2nd quarter. Tidal Investments LLC now owns 166,271 shares of the oil and gas company's stock valued at $1,526,000 after purchasing an additional 17,189 shares in the last quarter. Engineers Gate Manager LP increased its position in Patterson-UTI Energy by 1,002.2% during the 2nd quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company's stock worth $4,239,000 after purchasing an additional 419,919 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $96,000. Finally, Allworth Financial LP raised its stake in shares of Patterson-UTI Energy by 172.4% during the 2nd quarter. Allworth Financial LP now owns 7,417 shares of the oil and gas company's stock worth $68,000 after buying an additional 4,694 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.
About Patterson-UTI Energy
(
Get Free Report)
Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.
The company's offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.
Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.
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