Form 4: Patterson-UTI Energy EVP Holcomb Reports Stock Transactions
SEC Form 4 Filing
James Michael Holcomb, EVP & Chief Business Officer of Patterson-UTI Energy, reports acquisition and disposal of company stock related to performance unit settlement and tax obligations.
Summary
- James Michael Holcomb, an EVP & Chief Business Officer at Patterson-UTI Energy Inc., filed a Form 4 detailing changes in beneficial ownership.
- On May 9, 2024, Holcomb acquired 68,034 shares of common stock at $0.00 related to the settlement of a 2021 Performance Unit grant.
- On the same day, Holcomb disposed of 28,813 shares at $11.16 to cover withholding taxes associated with the performance unit settlement.
- Also on May 9, 2024, Holcomb acquired 87,800 restricted stock units that convert into common stock.
- Following these transactions, Holcomb directly owns 477,860 shares of Patterson-UTI Energy Inc.
- One-third of the restricted stock units vests on each of May 9, 2025, May 9, 2026 and May 9, 2027.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and tax obligations.
Positives
- The acquisition of 68,034 shares through the performance unit grant indicates a potential reward for past performance.
- The acquisition of 87,800 restricted stock units suggests continued alignment of Holcomb's interests with the company's long-term success.
Negatives
- The disposal of 28,813 shares to cover withholding taxes, while standard, reduces Holcomb's overall shareholding.
Future Outlook
The vesting schedule of the restricted stock units (May 9, 2025, May 9, 2026 and May 9, 2027) suggests a multi-year commitment from the executive.
Industry Context
Form 4 filings are routine disclosures, but they provide insights into executive compensation and alignment with shareholder interests within the oil and gas industry.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect executive compensation and tax obligations.
- Employees may view the performance unit settlement as a positive sign of company performance.
Key Dates
| Date | Description |
|---|---|
| 06/11/2013 | Limited Power of Attorney filed with the SEC. |
| 05/09/2024 | Date of stock acquisition and disposal transactions. |
| 05/09/2025 | First vesting date for one-third of the restricted stock units. |
| 05/09/2026 | Second vesting date for one-third of the restricted stock units. |
| 05/09/2027 | Final vesting date for one-third of the restricted stock units. |
| 05/13/2024 | Date of signature on the Form 4. |
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