Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Insider James Michael Holcomb Sells 11,816 Shares of Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) insider James Michael Holcomb sold 11,816 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $15.95, for a total value of $188,465.20. Following the completion of the sale, the insider now directly owns 376,109 shares in the company, valued at $5,998,938.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

James Michael Holcomb also recently made the following trade(s):

• On Tuesday, July 25th, James Michael Holcomb sold 8,802 shares of Patterson-UTI Energy stock. The stock was sold at an average price of $15.47, for a total value of $136,166.94.
• On Monday, July 17th, James Michael Holcomb sold 10,762 shares of Patterson-UTI Energy stock. The shares were sold at an average price of $14.46, for a total value of $155,618.52.

Patterson-UTI Energy Stock Down 1.5 %

NASDAQ PTEN opened at $15.58 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $19.81. The company has a current ratio of 1.76, a quick ratio of 1.61 and a debt-to-equity ratio of 0.48. The stock has a market cap of $3.24 billion, a PE ratio of 9.74, a P/E/G ratio of 0.29 and a beta of 2.38. The stock’s 50 day moving average is $14.80 and its 200 day moving average is $12.77.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 26th. The oil and gas company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.04). The company had revenue of $758.89 million during the quarter, compared to analysts’ expectations of $781.73 million. Patterson-UTI Energy had a return on equity of 21.22% and a net margin of 11.28%. Patterson-UTI Energy’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period last year, the firm posted $0.05 EPS. Research analysts predict that Patterson-UTI Energy, Inc. will post 1.49 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.05%. Patterson-UTI Energy’s payout ratio is 20.00%.

Institutional Investors Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the company. Arcadia Investment Management Corp MI raised its stake in Patterson-UTI Energy by 1,000.0% during the first quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 2,000 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $47,000. Quarry LP grew its position in Patterson-UTI Energy by 157.2% in the second quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 1,714 shares in the last quarter. Ronald Blue Trust Inc. grew its position in Patterson-UTI Energy by 44.7% in the first quarter. Ronald Blue Trust Inc. now owns 3,191 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 986 shares in the last quarter. Finally, Cerity Partners LLC bought a new stake in Patterson-UTI Energy during the first quarter worth approximately $1,113,000. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Capital One Financial started coverage on Patterson-UTI Energy in a research report on Wednesday, June 28th. They issued an “equal weight” rating and a $14.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $20.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, July 31st. Barclays dropped their price target on Patterson-UTI Energy from $19.00 to $16.00 in a research note on Thursday, June 8th. Stifel Nicolaus began coverage on Patterson-UTI Energy in a report on Tuesday, September 5th. They set a “buy” rating and a $19.00 price target for the company. Finally, Piper Sandler raised their price objective on Patterson-UTI Energy from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.50.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides 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.