Form 4: Patterson-UTI Energy Inc. Executive Charles Andrew Smith Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Charles Andrew Smith, EVP & Chief Financial Officer of Patterson-UTI Energy Inc., disposed of 11,943 shares of common stock on May 5, 2024, to cover withholding taxes related to the conversion of restricted stock units.
Summary
- On May 5, 2024, Charles Andrew Smith, the EVP & Chief Financial Officer of Patterson-UTI Energy Inc. (PTEN), disposed of 11,943 shares of common stock.
- The transaction was executed to cover applicable withholding taxes on restricted stock units that were converted into common stock.
- The shares were disposed of at a price of $10.68 per share.
- Following the transaction, Smith directly owns 464,715 shares of Patterson-UTI Energy Inc.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing simply reports a routine transaction related to tax obligations, which is a normal part of executive compensation.
Industry Context
Executive stock transactions are routinely monitored by investors as they can provide insights into management's perspective on the company's valuation and future prospects. Disposals to cover tax obligations are common and generally not viewed as a negative signal.
Key Dates
| Date | Description |
|---|---|
| 09/08/2017 | Limited power of attorney filed with the SEC. |
| 05/05/2024 | Date of transaction: disposal of 11,943 shares of common stock. |
| 05/07/2024 | Date of signature for the Form 4 filing. |
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