Patterson-UTI Energy (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. Sells 322,699 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 322,699 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. This represents a 21.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN traded up $0.30 during trading hours on Monday, reaching $12.29. The stock had a trading volume of 7,016,126 shares, compared to its average volume of 10,963,433. The stock has a market capitalization of $4.67 billion, a PE ratio of -39.64 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $12.41. The company has a 50 day moving average price of $10.19 and a two-hundred day moving average price of $7.86. 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 posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in the company. Bleakley Financial Group LLC bought a new position in Patterson-UTI Energy during the 1st quarter valued at about $219,000. Archer Investment Corp bought a new stake in Patterson-UTI Energy in the first quarter worth about $412,000. Principal Financial Group Inc. boosted its position in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after buying an additional 934,766 shares during the period. Fifth Third Bancorp grew its stake in shares of Patterson-UTI Energy by 8,921.1% during the first quarter. Fifth Third Bancorp now owns 364,543 shares of the oil and gas company’s stock valued at $3,948,000 after buying an additional 360,502 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $116,000. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PTEN shares. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Citigroup boosted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research report on Monday, April 20th. Finally, Barclays raised their price objective on Patterson-UTI Energy from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $11.30.

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.