HOUSTON—Stewart James Carl, a director at Patterson-UTI (NASDAQ:PTEN) Energy Inc. (NASDAQ:PTEN), recently sold 80,000 shares of the company's common stock. The shares were sold at an average price of $7.36, resulting in a total transaction value of approximately $588,800. The transaction occurred with the stock trading near its 52-week low of $7.18, according to InvestingPro data. Following this sale, Stewart holds 32,438 shares directly. Additionally, he maintains indirect ownership of 1,277,254 shares through JCS Partners LP, a limited partnership over which he exercises control.
The transaction was executed on December 18, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. This sale represents a significant transaction for Stewart, who has been associated with the company as a director.
In other recent news, Patterson-UTI Energy Inc. reported mixed results in its third quarter of 2024, with a significant net loss of $979 million due to an $885 million goodwill impairment related to the NexTier merger. Despite this, the company maintained stable revenue of $1,357 million and generated substantial free cash flow. Adjusted net income was reported at $2 million, with adjusted EBITDA reaching $275 million.
Goldman Sachs upgraded Patterson-UTI Energy's shares from a Neutral position to a Buy rating, setting a new price target of $10.00. This upgrade reflects the company's resilience in the North American market, with an anticipated total return of approximately 11%, higher than the region's average.
In addition, Patterson-UTI Energy has maintained an average of 105 drilling rigs operating in the United States for November 2024, reflecting steady market participation. The company also provided fourth quarter adjusted EBITDA guidance of approximately $225 million, a cautious outlook according to CapitalOne.
These recent developments highlight Patterson-UTI's focus on leveraging its integrated services model and strong cash flow to enhance shareholder value amid market challenges. The company has maintained dividend payments for 21 consecutive years, currently offering a 3.9% dividend yield.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.