Patterson-UTI Energy (NASDAQ:PTEN) CEO Sells $2,977,500.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total value of $2,977,500.00. Following the sale, the chief executive officer directly owned 2,042,474 shares of the company’s stock, valued at $24,325,865.34. This represents a 10.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $11.07 on Thursday. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -48.13 and a beta of 0.66. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $11.35 and a 200 day simple moving average of $10.97. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.39.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.6%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PTEN shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Barclays raised their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Susquehanna lifted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. Finally, Royal Bank Of Canada upped their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. Convergence Investment Partners LLC purchased a new position in shares of Patterson-UTI Energy during the first quarter worth approximately $1,325,000. Quantinno Capital Management LP boosted its stake in shares of Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after purchasing an additional 312,680 shares in the last quarter. Gagnon Securities LLC grew its holdings in shares of Patterson-UTI Energy by 69.0% during the 4th quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after purchasing an additional 144,080 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Patterson-UTI Energy by 686.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock valued at $5,152,000 after purchasing an additional 415,209 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in Patterson-UTI Energy by 8,921.1% in the 1st quarter. Fifth Third Bancorp now owns 364,543 shares of the oil and gas company’s stock worth $3,948,000 after purchasing an additional 360,502 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company’s offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.