Patterson-UTI Energy (NASDAQ:PTEN) CAO Forrest Robinson Sells 13,670 Shares

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

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $12.02 on Thursday. The business’s 50-day moving average price is $11.38 and its 200 day moving average price is $8.98. The firm has a market cap of $4.56 billion, a P/E ratio of -38.77 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week 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.

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

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s payout ratio is -129.03%.

Analysts Set New Price Targets

PTEN has been the topic of several recent analyst reports. Citigroup lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Morgan Stanley increased their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a 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 given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $12.30.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alpine Woods Capital Investors LLC acquired a new stake in Patterson-UTI Energy in the 1st quarter valued at approximately $243,000. Glenmede Trust Co. NA boosted its stake in shares of Patterson-UTI Energy by 199.9% during the 1st quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company’s stock worth $386,000 after acquiring an additional 23,755 shares during the period. Bank of America Corp DE boosted its stake 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 worth $52,581,000 after acquiring an additional 475,623 shares during the period. Amundi boosted its stake 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 worth $1,202,000 after acquiring an additional 96,088 shares during the period. Finally, California State Teachers Retirement System boosted its stake in Patterson-UTI Energy by 20.4% in the 1st quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company’s stock valued at $4,606,000 after purchasing an additional 72,082 shares during the period. Institutional investors and hedge funds 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.