Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. Sells 150,000 Shares

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Patterson-UTI Energy Price Performance

PTEN stock opened at $11.47 on Wednesday. The firm has a 50 day moving average of $11.48 and a 200-day moving average of $11.29. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $16.17. The firm has a market capitalization of $4.61 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 1.83 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period last year, the business earned $0.46 earnings per share. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.56 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.79%. Patterson-UTI Energy’s payout ratio is presently 47.06%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several research reports. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Raymond James reduced their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Bank of America reduced their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Piper Sandler cut their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Finally, Evercore ISI cut their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.67.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its position in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the last quarter. Commerce Bank lifted its position in Patterson-UTI Energy by 4.7% during the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock valued at $284,000 after purchasing an additional 1,186 shares during the last quarter. Lindbrook Capital LLC lifted its position in Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. Clarus Group Inc. lifted its position in Patterson-UTI Energy by 3.4% during the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock valued at $498,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Patterson-UTI Energy by 1.5% during the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after purchasing an additional 1,506 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.