Form 4: Patterson-UTI Energy Inc. Executive Charles Andrew Smith Reports Stock Disposals to Cover Tax Obligations
SEC Form 4 Filing
Charles Andrew Smith, EVP & Chief Financial Officer of Patterson-UTI Energy Inc., disposed of shares to cover withholding taxes on restricted stock units.
Summary
- Charles Andrew Smith, the EVP & Chief Financial Officer of Patterson-UTI Energy Inc. (PTEN), filed a Form 4 with the SEC.
- The filing reports the disposal of common stock to cover applicable withholding taxes on restricted stock units converted into common stock.
- On April 27, 2024, 18,917 shares were disposed of at a price of $11.25 per share.
- On April 29, 2024, 8,838 shares were disposed of at a price of $11.25 per share.
- Following these transactions, Smith directly owns 476,658 shares of Patterson-UTI Energy Inc.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects routine transactions related to tax obligations, which are neither particularly positive nor negative.
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 and don't necessarily reflect a negative outlook on the company.
Key Dates
| Date | Description |
|---|---|
| 04/27/2024 | Disposal of 18,917 shares of common stock at $11.25 per share to cover withholding taxes. |
| 04/29/2024 | Disposal of 8,838 shares of common stock at $11.25 per share to cover withholding taxes. |
| 04/30/2024 | Date of signature for the Form 4 filing. |
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