Insider Selling: Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Insider Sells $188,465.20 in Stock

Posted by Defense World Staff on Sep 18th, 2023

Patterson-UTI Energy logo Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) insider James Michael Holcomb sold 11,816 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total transaction of $188,465.20. Following the transaction, the insider now directly owns 376,109 shares of the company’s stock, valued at approximately $5,998,938.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

James Michael Holcomb also recently made the following trade(s):

On Tuesday, July 25th, James Michael Holcomb sold 8,802 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $15.47, for a total value of $136,166.94.
On Monday, July 17th, James Michael Holcomb sold 10,762 shares of Patterson-UTI Energy stock. The shares were sold at an average price of $14.46, for a total value of $155,618.52.

Patterson-UTI Energy Stock Down 1.5 %

Shares of PTEN stock opened at $15.58 on Monday. The stock’s fifty day moving average price is $14.80 and its 200 day moving average price is $12.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.76 and a quick ratio of 1.61. Patterson-UTI Energy, Inc. has a 1-year low of $9.70 and a 1-year high of $19.81. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 9.74, a price-to-earnings-growth ratio of 0.29 and a beta of 2.38.

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

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is 20.00%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 100.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,000 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 2,000 shares during the period. Virginia Retirement Systems ET AL purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $395,000. Comerica Bank purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth $2,332,000. Teachers Retirement System of The State of Kentucky lifted its stake in Patterson-UTI Energy by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 70,308 shares of the oil and gas company’s stock valued at $841,000 after buying an additional 3,809 shares in the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter worth approximately $207,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of several analyst reports. Benchmark upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Capital One Financial initiated coverage on shares of Patterson-UTI Energy in a report on Wednesday, June 28th. They issued an “equal weight” rating and a $14.00 target price for the company. Morgan Stanley reiterated an “overweight” rating and set a $20.00 target price on shares of Patterson-UTI Energy in a research note on Monday, July 31st. Barclays dropped their price target on Patterson-UTI Energy from $19.00 to $16.00 in a research note on Thursday, June 8th. Finally, Stifel Nicolaus started coverage on Patterson-UTI Energy in a report on Tuesday, September 5th. They issued a “buy” rating and a $19.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $17.50.

Get Our Latest Report on Patterson-UTI Energy

About Patterson-UTI Energy

(Get Free Report)

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.

Insider Buying and Selling by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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