A company insider recently sold 8,333 shares of Patterson-UTI Energy Inc. [PTEN]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Patterson-UTI Energy Inc. shares valued at $133,328 were sold by Holcomb James Michael on Aug 23. At $16.00 per share, Holcomb James Michael sold 8,333 shares. The insider’s holdings dropped to 348,109 shares worth approximately $4.66 million following the completion of this transaction.


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Also, Holcomb James Michael sold 8,333 shares, netting a total of over 135,911 in proceeds. Following the sale of shares at $16.31 each, the insider now holds 356,442 shares.

Before that, Hendricks William Andrew JR had sold 100,000 shares from its account. In a trade valued at $1,376,000, the President & CEO traded Patterson-UTI Energy Inc. shares for $13.76 each. Upon closing the transaction, the insider’s holdings decreased to 100,000 shares, worth approximately $24.12 million.

As published in a research note from BofA Securities on July 15, 2022, Patterson-UTI Energy Inc. [PTEN] has been rated down from a Buy to a Neutral and the price target has been revised to $13.50 from $22. This represents a 0.81% premium over Wednesday’s closing price. Analysts at Piper Sandler downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in early June. As of May 26, 2022, JP Morgan has increased its “an Underweight” rating to a “Neutral” for PTEN. Earlier on April 19, 2022, The Benchmark Company initiated its rating. Their recommendation was “a Buy” for PTEN stock.

Analyzing PTEN’s Price Performance

On Wednesday, Patterson-UTI Energy Inc. [NASDAQ: PTEN] plunged -1.33% to $13.39. The stock’s lowest price that day was $13.37, but it reached a high of $14.10 in the same session. During the last five days, there has been a drop of approximately -13.33%. Over the course of the year, Patterson-UTI Energy Inc. shares have jumped approximately 58.46%. Shares of the company reached a 52-week high of $20.53 on 05/31/22 and a 52-week low of $8.44 on 01/03/22. A 50-day SMA is recorded $14.74, while a 200-day SMA reached $14.08. Nevertheless, trading volume fell to 1.64 million shares from 2.17 million shares the previous day.

Support And Resistance Levels for Patterson-UTI Energy Inc. (PTEN)

According to the 24-hour chart, there is a support level at 13.14, which, if violated, would cause prices to drop to 12.89. In the upper region, resistance lies at 13.87. The next price resistance is at 14.35. RSI (Relative Strength Index) is 39.51 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.85, which suggests the price will decrease in the coming days. Percent R is at 98.54%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Patterson-UTI Energy Inc. subject to short interest?

Stocks of Patterson-UTI Energy Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.47 million shares to 9.32 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.79 million shares. A decline of -5.04% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.09 of the overall float, the days-to-cover ratio (short ratio) decline to 2.09.

Which companies own the most shares of Patterson-UTI Energy Inc. (PTEN)?

According to BlackRock Fund Advisors filings, the company currently owns 33,541,193 shares, which is about 15.47% of the total PTEN shares outstanding. The investor’s shares have appreciated by 1,561,448 from its previous 13-F filing of 31979745.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $369,524,604. Macquarie Investment Management B acquire a 3.74% interest valued at $200.5 million while Dimensional Fund Advisors LP purchased a 236,505 stake. A total of -370,716 shares of Patterson-UTI Energy Inc. were bought by SSgA Funds Management, Inc. during the quarter, and -2,888,922 were sold by Van Eck Associates Corp. In its current portfolio, Allspring Global Investments LLC holds 6,637,420 shares valued at $98.9 million.

In terms of Patterson-UTI Energy Inc. share price expectations, FactSet research, analysts set an average price target of $21.31 in the next 12 months, up nearly 54.75% from the previous closing price of $13.57. Analysts anticipate Patterson-UTI Energy Inc. stock to reach $26.00 by 2022, with the lowest price target being $18.00. In spite of this, 14 analysts ranked Patterson-UTI Energy Inc. stock as an Overweight at the end of 2022. On December 21, 2021, Piper Sandler assigned a price target of “an Overweight” to the stock and upgraded coverage with a $10.25.

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