William Andrew Hendricks, Jr. Sells 200,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.31 during midday trading on Tuesday, hitting $11.59. 7,149,954 shares of the stock traded hands, compared to its average volume of 10,377,616. The firm has a 50-day moving average of $11.36 and a two-hundred day moving average of $8.89. The firm has a market capitalization of $4.40 billion, a P/E ratio of -37.39 and a beta of 0.61. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for 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%.The firm’s revenue was down 12.7% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Analyst Upgrades and Downgrades

PTEN has been the topic of several research analyst reports. Stifel Nicolaus increased their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, April 24th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a report on Monday, April 20th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.30.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alpine Woods Capital Investors LLC purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter worth $243,000. Glenmede Trust Co. NA increased its stake in shares of Patterson-UTI Energy by 199.9% in the 1st quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company’s stock worth $386,000 after purchasing an additional 23,755 shares in the last quarter. Bank of America Corp DE boosted its holdings in Patterson-UTI Energy by 10.9% in the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock worth $52,581,000 after buying an additional 475,623 shares during the period. Amundi boosted its holdings in Patterson-UTI Energy by 646.3% in the 1st quarter. Amundi now owns 110,955 shares of the oil and gas company’s stock worth $1,202,000 after buying an additional 96,088 shares during the period. Finally, California State Teachers Retirement System raised its holdings in Patterson-UTI Energy by 20.4% during the first quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company’s stock valued at $4,606,000 after acquiring an additional 72,082 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.