Form 4: Patterson-UTI Energy Executive Vice President Kenneth Berns Reports Stock Disposals for Tax Obligations

Executive Vice President Kenneth Berns of Patterson-UTI Energy Inc. reports disposing of shares to cover tax obligations related to the vesting of restricted stock units.

Summary

• Kenneth N. Berns, Executive Vice President of Patterson-UTI Energy Inc., filed a Form 4 detailing changes in beneficial ownership.
• On April 27, 2024, Berns disposed of 19,210 shares of common stock at $11.25 per share to cover withholding taxes on restricted stock units that converted into common stock.
• On April 29, 2024, Berns disposed of 10,069 shares of common stock at $11.25 per share for the same reason.
• Following these transactions, Berns directly owns 824,033 shares of Patterson-UTI Energy Inc. common stock.
• Berns also indirectly owns 34,000 shares through trust(s) for which he serves as trustee.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions for tax purposes, indicating a neutral sentiment.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Disposals to cover tax obligations are common when restricted stock units vest.

Stakeholder Impact

• The disposal of shares by an executive could have a minor, temporary impact on the stock price, but is unlikely to be significant given the reason for the disposal.

Key Dates