Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart Sells 62,500 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 62,500 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $15.90, for a total value of $993,750.00. Following the completion of the sale, the director now directly owns 1,277,254 shares of the company’s stock, valued at $20,308,338.60. The sale was disclosed in a filing with the SEC, which is available at this link.

Patterson-UTI Energy Trading Down 0.1 %

Shares of NASDAQ:PTEN opened at $15.57 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.61 and a current ratio of 1.76. The stock’s 50-day moving average is $14.84 and its 200-day moving average is $12.76. The company has a market cap of $3.24 billion, a P/E ratio of 9.73, a P/E/G ratio of 0.29 and a beta of 2.38. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week high of $19.81.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 26th. The oil and gas company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). Patterson-UTI Energy had a net margin of 11.28% and a return on equity of 21.22%. The business had revenue of $758.89 million for the quarter, compared to the consensus estimate of $781.73 million. During the same quarter in the previous year, the company earned $0.05 EPS. Patterson-UTI Energy’s revenue for the quarter was up 22.0% compared to the same quarter last year. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 1.49 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $0.32 annualized dividend and a yield of 2.06%. Patterson-UTI Energy’s payout ratio is 20.00%.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of research reports. Morgan Stanley reissued an “overweight” rating and set a $20.00 target price on shares of Patterson-UTI Energy in a research note on Monday, July 31st. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Patterson-UTI Energy in a research note on Wednesday, September 6th. Piper Sandler boosted their price target on Patterson-UTI Energy from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, July 31st. Benchmark raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Barclays lowered their price target on Patterson-UTI Energy from $19.00 to $16.00 in a research note on Thursday, June 8th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.50.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI grew its position in Patterson-UTI Energy by 1,000.0% in the 1st quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 2,000 shares during the last quarter. Quarry LP grew its position in Patterson-UTI Energy by 157.2% in the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 1,714 shares during the last quarter. Coppell Advisory Solutions Corp. acquired a new stake in Patterson-UTI Energy in the 4th quarter worth $47,000. State of Wyoming increased its position in shares of Patterson-UTI Energy by 368.6% during the second quarter. State of Wyoming now owns 3,922 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 3,085 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of Patterson-UTI Energy by 100.0% during the second quarter. Farther Finance Advisors LLC now owns 4,000 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 2,000 shares during the period. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.