Patterson-UTI Energy (NASDAQ:PTEN) CAO Forrest Robinson Sells 13,670 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CAO Forrest Robinson sold 13,670 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Patterson-UTI Energy Stock Up 3.7%

Shares of NASDAQ:PTEN traded up $0.43 during midday trading on Wednesday, hitting $12.02. The stock had a trading volume of 6,358,886 shares, compared to its average volume of 10,342,098. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. 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 business’s 50-day simple moving average is $11.36 and its 200-day simple moving average is $8.94. The company has a market cap of $4.56 billion, a P/E ratio of -38.77 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last released 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. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC boosted its position in Patterson-UTI Energy by 6.2% during the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock worth $231,000 after purchasing an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after buying an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after buying an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC lifted its holdings in shares of Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after buying an additional 1,575 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after buying an additional 1,786 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Morgan Stanley lifted their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. One equities 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.30.

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.