Patterson-UTI Energy (NASDAQ:PTEN) CAO Sells $164,176.70 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CAO Forrest Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $11.49 on Friday. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of -37.06 and a beta of 0.61. 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, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The firm’s 50-day simple moving average is $11.42 and its two-hundred day simple moving average is $9.04.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. Patterson-UTI Energy’s payout ratio is -129.03%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the company. Alpine Woods Capital Investors LLC purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $243,000. Glenmede Trust Co. NA boosted its holdings in Patterson-UTI Energy by 199.9% in the 1st quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company’s stock valued at $386,000 after purchasing an additional 23,755 shares during the period. Bank of America Corp DE grew its position in shares of Patterson-UTI Energy by 10.9% during the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock valued at $52,581,000 after purchasing an additional 475,623 shares in the last quarter. Amundi grew its position in shares of Patterson-UTI Energy by 646.3% during the 1st quarter. Amundi now owns 110,955 shares of the oil and gas company’s stock valued at $1,202,000 after purchasing an additional 96,088 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Patterson-UTI Energy by 20.4% in the first quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company’s stock worth $4,606,000 after purchasing an additional 72,082 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PTEN. Citigroup boosted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Piper Sandler boosted their price target 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. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research report on Monday, April 20th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Susquehanna boosted their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.30.

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.