Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 6.3% Following Insider Selling

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating)’s stock price traded down 6.3% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $15.26 and last traded at $15.28. 93,896 shares were traded during trading, a decline of 97% from the average session volume of 3,351,924 shares. The stock had previously closed at $16.30.

Specifically, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,901,374 shares of the company’s stock, valued at $34,357,828.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,901,374 shares of the company’s stock, valued at $34,357,828.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth N. Berns sold 75,000 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $17.89, for a total transaction of $1,341,750.00. Following the sale, the executive vice president now directly owns 761,732 shares in the company, valued at approximately $13,627,385.48. The disclosure for this sale can be found here. Insiders have sold 491,666 shares of company stock valued at $8,050,072 over the last 90 days. 2.70% of the stock is owned by insiders.

Analysts Set New Price Targets

PTEN has been the topic of several research reports. Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price target on the stock in a research report on Thursday, May 26th. Atb Cap Markets cut shares of Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a research report on Thursday, July 7th. Susquehanna Bancshares increased their price target on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “positive” rating in a research report on Wednesday, June 8th. Finally, StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 29th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $19.93.

Patterson-UTI Energy Price Performance

The stock has a market capitalization of $3.36 billion, a PE ratio of -7.22 and a beta of 2.26. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23. The stock’s 50 day moving average is $15.94 and its two-hundred day moving average is $15.00.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.04 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.16 annualized dividend and a yield of 1.03%. Patterson-UTI Energy’s dividend payout ratio is currently -7.44%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in PTEN. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $26,000. CI Investments Inc. purchased a new position in Patterson-UTI Energy in the first quarter valued at approximately $39,000. Advisor Group Holdings Inc. increased its stake in Patterson-UTI Energy by 38.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 1,342 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $89,000. Finally, Journey Strategic Wealth LLC purchased a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $106,000. 95.14% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

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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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