Robert Wayne Drummond, Jr. Sells 230,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $8.86 on Thursday. The company has a market cap of $3.42 billion, a P/E ratio of -3.59 and a beta of 2.06. The firm’s 50 day moving average is $8.42 and its two-hundred day moving average is $8.36. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in PTEN. Atria Investments Inc raised its holdings in shares of Patterson-UTI Energy by 3.7% in the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock worth $288,000 after purchasing an additional 1,252 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in Patterson-UTI Energy by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 1,436 shares during the period. CIBC Asset Management Inc lifted its position in Patterson-UTI Energy by 7.2% during the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 1,501 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after buying an additional 1,596 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

PTEN has been the subject of a number of analyst reports. Citigroup cut their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

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.