Form 4: Patterson UTI Energy Executive Sells Shares
Statement of Changes in Beneficial Ownership
Patterson UTI Energy's EVP & CFO, Charles Andrew Smith, reported a disposition of 13,016 common shares on May 9, 2026, for tax withholding purposes.
Summary
- Charles Andrew Smith, EVP & Chief Financial Officer of PATTERSON UTI ENERGY INC (PTEN), disposed of 13,016 shares of common stock on May 9, 2026.
- The transaction was executed at a price of $11.42 per share.
- These shares were disposed of to cover applicable withholding taxes related to Restricted Stock Units that were converted into Common Stock on the same date.
- Following this transaction, Mr. Smith beneficially owns 713,439 shares of common stock directly.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral event. While a stock sale by an executive can be a negative signal, the clear explanation of it being for tax withholding on RSU conversion mitigates significant concern.
Negatives
- Disposition of shares by a key executive, even if for tax purposes, can sometimes be perceived negatively by the market.
Future Outlook
No specific future outlook or guidance is provided in this Form 4 filing.
Industry Context
StockSavvy.ai notes that insider stock dispositions, particularly for tax withholding on RSU conversions, are common events. The key is to distinguish between routine tax-related sales and those driven by a lack of confidence in the company's future prospects. In this case, the explanation provided suggests a routine event.
Stakeholder Impact
- Shareholders: The disposition is for tax purposes and does not necessarily indicate a lack of confidence by the executive, thus the impact on share price may be minimal. However, any insider selling can create short-term negative sentiment.
- Employees: This transaction relates to executive compensation and does not directly impact other employees.
- Management: The transaction is a standard procedure for executives receiving equity compensation.
Key Dates
| Date | Description |
|---|---|
| 05/09/2026 | Date of earliest transaction and transaction date for share disposition and RSU conversion. |
| 05/12/2026 | Date of signature for the filing. |
| 09/08/2017 | Date of filing of Limited Power of Attorney by Forrest Robinson. |
Keywords
Patterson UTI Energy, PTEN, Form 4, Insider Transaction, Stock Disposition, Tax Withholding, Restricted Stock Units, Charles Andrew Smith, EVP, CFO
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