Insider Selling: Patterson-UTI Energy (NASDAQ:PTEN) Director Sells 1,605 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 1,605 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.85, for a total value of $20,624.25. Following the completion of the transaction, the director directly owned 1,127,168 shares in the company, valued at $14,484,108.80. This trade represents a 0.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patterson-UTI Energy Stock Down 4.6%

Shares of NASDAQ PTEN traded down $0.60 on Thursday, hitting $12.55. The company had a trading volume of 5,938,816 shares, compared to its average volume of 9,949,020. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.31. The firm has a market capitalization of $4.79 billion, a P/E ratio of -54.57 and a beta of 0.66. The business has a 50 day moving average of $10.48 and a two-hundred day moving average of $10.57.

Patterson-UTI Energy Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on PTEN shares. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. Convergence Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth about $1,325,000. Principal Financial Group Inc. lifted its position in shares of Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the last quarter. Prescott Group Capital Management L.L.C. bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $1,161,000. Gagnon Securities LLC grew its stake in Patterson-UTI Energy by 69.0% in the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after purchasing an additional 144,080 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in Patterson-UTI Energy by 163.5% in the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock worth $5,457,000 after purchasing an additional 312,680 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.