Patterson-UTI Energy (NASDAQ:PTEN) EVP Seth David Wexler Sells 120,000 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the sale, the executive vice president owned 404,582 shares of the company’s stock, valued at $5,158,420.50. The trade was a 22.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $12.55 on Friday. 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, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.31. The firm has a market cap of $4.79 billion, a PE ratio of -54.57 and a beta of 0.66. The business has a 50 day moving average price of $10.53 and a 200-day moving average price of $10.60.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend 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%.

Analysts Set New Price Targets

PTEN has been the topic of a number of analyst reports. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. The Goldman Sachs Group boosted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Barclays upped their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $32,000. Quarry LP lifted its stake in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. Nykredit A S bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $56,000. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in Patterson-UTI Energy in the second quarter worth $68,000. 97.91% of the stock is owned by institutional investors.

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.