Patterson-UTI Energy (NASDAQ:PTEN) COO Sells $1,720,500.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Patterson-UTI Energy Price Performance

Shares of PTEN traded up $0.32 during trading hours on Monday, reaching $11.53. 8,449,332 shares of the company traded hands, compared to its average volume of 10,467,486. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $4.38 billion, a PE ratio of -37.19 and a beta of 0.64. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The stock has a fifty day simple moving average of $11.25 and a 200 day simple moving average of $8.65.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its 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 during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company’s revenue was down 12.7% compared to the same quarter last year. As a group, research analysts predict that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Royal Bank of Canada grew its stake in Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after buying an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after acquiring an additional 10,142 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after acquiring an additional 220,422 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy during the 1st quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after purchasing an additional 30,217 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on PTEN shares. Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $10.00 to $15.00 in a research note on Thursday, May 7th. The Goldman Sachs Group increased their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Finally, Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.10.

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.