Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $2,549,375.75 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Drummond Jr. sold 198,395 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares in the company, valued at $11,934,733.05. This trade represents a 17.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Patterson-UTI Energy Trading Down 1.0%

NASDAQ:PTEN opened at $12.42 on Friday. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The firm’s fifty day moving average is $10.59 and its 200-day moving average is $10.61. The firm has a market cap of $4.74 billion, a P/E ratio of -54.00 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PTEN shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Royal Bank Of Canada raised their target price 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. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Finally, Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.25.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently made changes to their positions in PTEN. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at about $577,234,000. Dimensional Fund Advisors LP raised its stake in Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. State Street Corp boosted its holdings in Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after acquiring an additional 75,560 shares in the last quarter. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after acquiring an additional 5,551,276 shares during the period. Institutional investors own 97.91% of the company’s stock.

Key Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

Patterson-UTI Energy Company Profile

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.