Robert Wayne Drummond Jr., a director of Patterson-UTI Energy Inc. (NASDAQ: PTEN), reported the sale of 164,775 shares of the company's common stock on March 16, 2026, in a Form 4 filing with the Securities and Exchange Commission.
The shares were disposed of at a weighted average price of $10.18, yielding a total transaction value of $1.67 million. Reported prices for the individual trades ranged from $10.14 to $10.25.
At the time of the filing, Patterson-UTI's share price was trading close to its 52-week high of $10.78, with the stock quoted at $10.74.
Following the sale, Drummond retains direct ownership of 1,512,947 shares of Patterson-UTI Energy common stock. The Form 4 also notes that he has indirect holdings through trust(s) for which he acts as trustee.
Separately, recent company disclosures show Patterson-UTI Energy reported fourth-quarter 2025 financial results that outpaced analyst expectations. The company posted a loss of $0.02 per share, compared with the consensus forecast for a loss of $0.12 per share, an earnings surprise quantified as 83.33%.
Revenue for the quarter reached $1.2 billion, topping the expected $1.1 billion.
Analyst responses to the companys quarterly performance included upward revisions to price targets. BofA Securities raised its price target on Patterson-UTI Energy to $9.00 from $7.50 and kept a Buy rating, citing improved profitability in the Completions and Drilling segments. Piper Sandler also lifted its price target to $9.00 from $7.00, pointing to strong Completions performance, free cash flow results, and first-quarter 2026 guidance that exceeded expectations.
Operational metrics disclosed alongside the financials indicate an average of 94 drilling rigs operating in the United States in January 2026.
An InvestingPro analysis included in the recent reporting characterizes Patterson-UTI as remaining undervalued on Fair Value metrics and notes the stock delivered a 98.9% return over the past six months.
The filing describing Drummonds sale and the company's quarterly disclosure together paint a snapshot of insider activity and operational performance. The Form 4 provides the formal record of the directors reduction of shares, while the quarterly results and analyst commentary supply the contemporaneous financial and market context.