William Andrew Hendricks, Jr. Sells 250,000 Shares of Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) CEO William Hendricks, Jr. sold 250,000 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $12.93, for a total transaction of $3,232,500.00. Following the transaction, the chief executive officer directly owned 2,292,474 shares in the company, valued at $29,641,688.82. This trade represents a 9.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Patterson-UTI Energy Price Performance

PTEN stock opened at $12.42 on Friday. The company has a market capitalization of $4.74 billion, a P/E ratio of -54.00 and a beta of 0.66. The business has a 50-day simple moving average of $10.59 and a two-hundred day simple moving average of $10.61. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PTEN shares. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Stifel Nicolaus boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research note on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi increased its position in Patterson-UTI Energy by 35.2% during the 2nd quarter. Amundi now owns 150,062 shares of the oil and gas company’s stock valued at $1,378,000 after buying an additional 39,107 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Patterson-UTI Energy in the 2nd quarter worth about $1,179,000. California State Teachers Retirement System grew its position in Patterson-UTI Energy by 749.6% during the 2nd quarter. California State Teachers Retirement System now owns 3,612,991 shares of the oil and gas company’s stock valued at $33,167,000 after purchasing an additional 3,187,710 shares during the last quarter. HB Wealth Management LLC grew its position in Patterson-UTI Energy by 42.0% during the 2nd quarter. HB Wealth Management LLC now owns 17,150 shares of the oil and gas company’s stock valued at $157,000 after purchasing an additional 5,076 shares during the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth $563,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

More Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Citigroup raised its price target for PTEN from $10.50 to $13.50 while maintaining a “neutral” rating. The new target indicates additional potential upside from recent trading levels, improving the valuation outlook despite the cautious rating.
• Positive Sentiment: Patterson-UTI Energy declared its regular quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a yield of approximately 3.2%. The dividend provides ongoing income support for shareholders, although the ex-dividend date has already passed. Patterson-UTI Energy insider trades and dividend information
• Neutral Sentiment: Analyst opinion remains mixed but generally favorable: PTEN has a consensus “Moderate Buy” rating and an average price target of $12.95, with nine Buy ratings, five Holds and one Sell rating. This suggests support for the stock, but limited consensus upside after its recent advance.
• Negative Sentiment: Several insiders sold shares. CEO William Hendricks, Jr. sold 250,000 shares for about $3.23 million, while EVP Seth Wexler sold 120,000 shares for approximately $1.53 million. Director Robert Drummond, Jr. also sold 198,395 shares for roughly $2.55 million, plus an additional 1,605 shares. Although each executive retained a sizable position, the scale of the sales—particularly the CEO and EVP transactions—may be weighing on investor sentiment. Patterson-UTI Energy executive insider filing

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.