News Update: Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy (NASDAQ:PTEN) stock identified change of 44.10% away from 52-week low price and recently located move of -85.74% off 52-week high price. It has market worth of $492.93M and dividend yield of 6.90%. PTEN stock has been recorded -52.24% away from 50 day moving average and -72.33% away from 200 day moving average. Moving closer, we can see that shares have been trading 4.84% off 20-day moving average.

On April 8, 2020, Patterson-UTI Energy (NASDAQ:PTEN) reported that its long-tenured Executive Chairman, Mark S. Siegel, has advised the Company of his intention to retire after more than 25 years of continuous service to Patterson-UTI Energy and its predecessor companies.  Mr. Siegel has decided not to stand for re-election to the Board of Directors and to retire as Executive Chairman, at the time of the Company’s annual shareholder meeting, when it is anticipated that Mr. Curtis Huff will be appointed Non-Executive Chairman.  Mr. Huff has been a member of the Board of Directors of Patterson-UTI and one of its predecessor companies for 23 years and currently serves as the Company’s Lead Independent Director.

Andy Hendricks, Patterson-UTI Energy’s President and Chief Executive Officer, stated, Mark’s many contributions to Patterson-UTI and the U.S. land drilling industry as a whole have been incomparable and immeasurable.  When he first became involved with UTI Energy in 1995, that company’s total enterprise value was only $16 million.  Among other notable M&A transactions, Mark was instrumental in achieving the merger of Patterson Energy and UTI Energy in 2001. Under his visionary leadership, a small, regional drilling company, through both mergers and organic growth, has become a leading oilfield services company and a primary player in the U.S. unconventional shale revolution.  Given Mark’s long history with Patterson-UTI and his deep experience in our industry, I am pleased that Mark has agreed to provide transition support services and advice on strategic and other matters to the Company after he steps down as Executive Chairman.

Andy Hendricks continued, Mark has been both a friend and outstanding mentor to me for more than eight years, and I would like to thank him personally for his many years of selfless dedication to Patterson-UTI.  I wish Mark and his family all the best as they begin to enjoy more time together.

The Basic Materials sector company, Patterson-UTI Energy noticed change of 11.54% to $2.32 along volume of 5640541 shares in recent session compared to an average volume of 5.74M shares. The stock observed return of 22.75% in 5 days trading activity. The stock was at 0.87% over one month performance. PTEN’s shares are at -77.48% for the quarter and driving a -84.74% return over the course of the past year and is now at -77.90% since this point in 2018.

The average volatility for the week at 19.13% and for month was at 20.34%. There are 212.47M shares outstanding and 187.27M shares are floated in market. Right now the stock beta is 2.42.

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