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 dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.02 on Thursday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of -38.77 and a beta of 0.61. The firm has a 50-day simple moving average of $11.38 and a 200-day simple moving average of $8.98. 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 (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, topping 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 the consensus estimate of $1.11 billion. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Alpine Woods Capital Investors LLC purchased a new position in Patterson-UTI Energy in the first quarter valued at about $243,000. Glenmede Trust Co. NA increased its holdings in Patterson-UTI Energy by 199.9% in the first quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company’s stock valued at $386,000 after buying an additional 23,755 shares in the last quarter. Bank of America Corp DE increased its holdings in Patterson-UTI Energy by 10.9% in the first quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock valued at $52,581,000 after buying an additional 475,623 shares in the last quarter. Amundi increased its holdings in Patterson-UTI Energy by 646.3% in the first quarter. Amundi now owns 110,955 shares of the oil and gas company’s stock valued at $1,202,000 after buying an additional 96,088 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Patterson-UTI Energy by 20.4% in 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 buying an additional 72,082 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PTEN. Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, April 24th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $10.00 to $15.00 in a research report on Thursday, May 7th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Finally, Citigroup raised their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $12.30.

About Patterson-UTI Energy

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.