Insider Selling: Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Sells 5,500 Shares of Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director now directly owns 999,754 shares of the company’s stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

James Carl Stewart also recently made the following trade(s):

• On Friday, March 7th, James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58.

Patterson-UTI Energy Stock Down 1.4%

Shares of NASDAQ PTEN opened at $6.28 on Thursday. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.70. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -2.54 and a beta of 1.33. The business has a 50-day moving average of $6.74 and a 200-day moving average of $7.73.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.10%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -12.31%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Barclays lowered their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group decreased their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Finally, Susquehanna decreased their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.32.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in Patterson-UTI Energy by 10.6% in the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock worth $182,518,000 after buying an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after buying an additional 7,989,877 shares in the last quarter. ARGA Investment Management LP boosted its stake in Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock worth $105,089,000 after buying an additional 2,569,713 shares in the last quarter. American Century Companies Inc. boosted its stake in Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock worth $96,317,000 after buying an additional 2,080,960 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Patterson-UTI Energy by 31.2% in the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after buying an additional 1,743,241 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.