Form 4: Patterson-UTI Energy Executive Vice President Kenneth Berns Reports Stock Disposal for Tax Obligations
SEC Form 4
Executive Vice President Kenneth Berns of Patterson-UTI Energy Inc. reports disposing of shares to cover withholding taxes related to the conversion of restricted stock units.
Summary
- Kenneth N. Berns, Executive Vice President of Patterson-UTI Energy Inc., filed a Form 4 on May 7, 2024, reporting changes in beneficial ownership.
- On May 5, 2024, Berns disposed of 13,599 shares of common stock at a price of $10.68 per share to cover withholding taxes on restricted stock units that were converted into common stock.
- Following the transaction, Berns directly owns 810,434 shares of Patterson-UTI Energy Inc. common stock.
- Berns also indirectly owns 34,000 shares through trust(s) where he serves as the trustee.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing a routine stock transaction for tax purposes, indicating a neutral sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership. It doesn't necessarily indicate a change in the company's overall performance or outlook.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine disposal of shares for tax purposes by an executive.
Key Dates
| Date | Description |
|---|---|
| 03/29/2013 | Date of Limited Power of Attorney filed with the SEC |
| 05/05/2024 | Date of stock disposal transaction |
| 05/05/2024 | Restricted stock units converted into common stock |
| 05/07/2024 | Date of Form 4 filing |
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