Insider Selling: Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Sells $357,265.58 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

James Carl Stewart also recently made the following trade(s):

• On Wednesday, December 18th, James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $7.61 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $8.46 and a 200 day simple moving average of $8.24. The company has a market cap of $2.94 billion, a P/E ratio of -3.08 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 1 year low of $7.03 and a 1 year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PTEN shares. Stifel Nicolaus lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Raymond James downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently modified their holdings of the company. Atria Investments Inc boosted its holdings in shares of Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock worth $288,000 after buying an additional 1,252 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake 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 valued at $47,000 after purchasing an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock valued at $130,000 after purchasing an additional 1,436 shares during the last quarter. CIBC Asset Management Inc raised its stake in Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after purchasing an additional 1,501 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock valued at $336,000 after purchasing an additional 1,596 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

About Patterson-UTI Energy

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.