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James Carl Stewart, a director at Patterson-UTI Energy Inc. (NASDAQ:PTEN), recently sold a significant portion of his holdings in the company. The sale comes as the stock has declined nearly 10% year-to-date, according to InvestingPro data. According to a recent SEC filing, Stewart sold a total of 240,149 shares of common stock on March 7, 2025, generating approximately $1.78 million. The shares were sold at prices ranging from $7.41 to $7.42 per share, below the current trading price of $7.80.
The sale included 48,149 shares sold directly by Stewart at a weighted average price of $7.42, and an additional 192,000 shares sold indirectly through JCS Partners LP, a limited partnership over which Stewart exercises ownership and control, at a weighted average price of $7.41.
Following these transactions, Stewart retains ownership of 85,475 shares directly and 1,005,254 shares indirectly through JCS Partners LP.
In other recent news, Patterson-UTI Energy reported a net loss for the fourth quarter of 2024, falling short of analyst expectations. The company announced an earnings per share (EPS) of -$0.13, which was below the forecasted -$0.08. Revenue also did not meet expectations, coming in at $1.162 billion compared to the anticipated $1.24 billion. Despite these financial results, Patterson-UTI Energy has been focusing on expanding its natural gas-powered completion equipment offerings. Additionally, the company reduced its capital expenditure for 2024 and anticipates further reductions in 2025. Analysts have noted that the company is expected to generate significant free cash flow in 2025, with plans to return at least 50% of it to shareholders. The company has also been integrating new technologies and services, such as its Emerald line of 100% natural gas-powered frac equipment. These recent developments indicate Patterson-UTI Energy’s strategic focus on enhancing its operational capabilities and shareholder returns.
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