James Carl Stewart Sells 207,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $12.26 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The firm has a market cap of $4.68 billion, a P/E ratio of -53.30 and a beta of 0.63. The business’s fifty day moving average is $10.25 and its two-hundred day moving average is $10.45. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised 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. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Citigroup lowered their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in PTEN. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $32,000. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the last quarter. Nykredit A S bought a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $56,000. Rockefeller Capital Management L.P. grew its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after buying an additional 4,299 shares during the period. Finally, Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $44,000. Institutional investors own 97.91% of the company’s stock.

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.