Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $18.07, for a total value of $3,614,000.00. Following the completion of the transaction, the chief executive officer now owns 1,901,374 shares of the company’s stock, valued at $34,357,828.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of PTEN opened at $16.67 on Wednesday. The firm has a market capitalization of $3.61 billion, a PE ratio of -5.95 and a beta of 2.37. The company has a quick ratio of 1.23, a current ratio of 1.35 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $17.13 and a 200 day moving average price of $13.49. Patterson-UTI Energy, Inc. has a 52-week low of $6.44 and a 52-week high of $20.53.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last issued its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.08. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The company had revenue of $509.80 million during the quarter, compared to analyst estimates of $512.08 million. During the same period in the prior year, the business posted ($0.57) EPS. The business’s revenue for the quarter was up 111.5% compared to the same quarter last year. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post 0.08 EPS for the current year.
Several hedge funds have recently modified their holdings of the company. Phocas Financial Corp. lifted its holdings in shares of Patterson-UTI Energy by 94.3% in the first quarter. Phocas Financial Corp. now owns 777,691 shares of the oil and gas company’s stock valued at $12,039,000 after buying an additional 377,358 shares during the period. Keeley Teton Advisors LLC bought a new stake in Patterson-UTI Energy in the first quarter worth about $1,420,000. Gamco Investors INC. ET AL lifted its holdings in Patterson-UTI Energy by 2.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock valued at $628,000 after acquiring an additional 906 shares during the last quarter. Penn Capital Management Company LLC bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $8,288,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Patterson-UTI Energy in the 1st quarter worth approximately $1,000,000. Institutional investors own 95.14% of the company’s stock.
A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Patterson-UTI Energy from $13.50 to $18.00 and gave the company an “overweight” rating in a research report on Monday, April 11th. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $21.00 to $22.75 in a report on Tuesday, May 31st. They noted that the move was a valuation call. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, May 28th. Susquehanna lifted their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 in a research report on Wednesday, June 8th. Finally, Barclays upped their target price on shares of Patterson-UTI Energy from $16.00 to $20.00 in a research report on Monday, May 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Buy” and a consensus target price of $17.93.
Patterson-UTI Energy Company Profile (Get Rating)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore 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.
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