James Michael Holcomb Sells 150,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Patterson-UTI Energy Trading Up 1.7%

Shares of PTEN stock opened at $11.73 on Wednesday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $11.26 and its two-hundred day moving average is $8.68. The company has a market cap of $4.45 billion, a PE ratio of -37.84 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced 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 of this dividend is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. Patterson-UTI Energy’s payout ratio is currently -129.03%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after acquiring an additional 1,135,704 shares in the last quarter. State Street Corp grew its position in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after acquiring an additional 75,560 shares during the last quarter. Sourcerock Group LLC raised its position in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Piper Sandler upped their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, May 27th. Morgan Stanley lifted their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Stifel Nicolaus raised their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Finally, Citigroup boosted their price objective on 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 research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.10.

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.