Disclosed on May 22, Wayne Robert Drummond Jr, Director at Patterson-UTI Energy (NASDAQ:PTEN), executed a substantial insider sell as per the latest SEC filing.
What Happened: Jr's decision to sell 150,000 shares of Patterson-UTI Energy was revealed in a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday. The total value of the sale is $1,732,500.
At Wednesday morning, Patterson-UTI Energy shares are down by 1.13%, trading at $11.34.
Get to Know Patterson-UTI Energy Better
Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States. Its 2023 merger with NexTier greatly expanded its pressure pumping operations, as well, and the firm now controls nearly 20% of the North American market for drilling and completions services. It also provides directional drilling services and tool rental services in most US onshore oil and gas basins.
Understanding the Numbers: Patterson-UTI Energy's Finances
Revenue Growth: Patterson-UTI Energy displayed positive results in 3 months. As of 31 March, 2024, the company achieved a solid revenue growth rate of approximately 90.75%. This indicates a notable increase in the company's top-line earnings. As compared to its ...