Patterson-UTI Energy (NASDAQ:PTEN) Director Sells $2,388,780.00 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 207,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.43 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $10.30 and its two-hundred day moving average is $10.46. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The firm has a market capitalization of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $577,234,000. Dimensional Fund Advisors LP raised its holdings in Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares during the period. State Street Corp lifted its position in Patterson-UTI Energy by 0.5% during the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after buying an additional 75,560 shares in the last quarter. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Patterson-UTI Energy by 110.8% during 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 buying an additional 5,551,276 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PTEN. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Citigroup lowered their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a report on Monday, June 29th. Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.95.

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.