Patterson-UTI Energy CEO sells $2.98m in common stock

Patterson-UTI Energy's CEO, William Andrew Hendricks Jr., sold 250,000 shares of the company's common stock on September 18, 2026. The sale was worth around $2.98 million, with the shares traded at an average price of $11.91 per share. Mr. Hendricks had set up a Rule 10b5-1 trading plan for these sales on June 18, 2026. The company's Patterson-UTI Energy shares have seen a strong 123% return over the past year, currently trading at $11.42.

Analysts view the stock as undervalued within the energy sector. Patterson-UTI Energy has consistently paid dividends for 23 years, providing a 3.4% yield. After selling the shares, Mr. Hendricks still owns 2,042,474 shares of the company. Recently, Patterson-UTI Energy reported a 10% increase in second-quarter revenue to $1.23 billion, beating Wall Street expectations by nearly 7%.

The company's adjusted earnings were in line with forecasts, showing a slight loss of 5 cents per share. This growth was attributed to increased activity in drilling services, completions, and drilling products. Investment firm Piper Sandler has maintained an Overweight rating for Patterson-UTI Energy, with a price target of $14.00.

The CEO and investor relations discussed a positive outlook on frac price recovery and a focus on generating free cash flow. Barclays analysts noted that Patterson-UTI Energy and other firms are optimistic about the North American drilling and completion services market, contrasting with more cautious views from other industry players like Halliburton and Liberty Energy.

These developments highlight Patterson-UTI Energy's strategic focus and market positioning amidst changing industry dynamics.