Form 4: Patterson-UTI Energy Inc. Executive Matthew Gillard Reports Stock Transactions

Matthew Gillard, President-Completions at Patterson-UTI Energy Inc., reports acquisition and disposal of common stock related to vesting of Restricted Stock Units.

Summary

• On August 16, 2024, Matthew Gillard, President-Completions at Patterson-UTI Energy Inc. (PTEN), reported transactions involving the company's common stock.
• Gillard acquired 24,816 shares of common stock upon the vesting of Restricted Stock Units (RSUs).
• Simultaneously, Gillard disposed of 9,766 shares to cover applicable withholding taxes related to the RSU conversion at a price of $9.13 per share.
• Following these transactions, Gillard directly owns 129,742 shares of Patterson-UTI Energy Inc.
• Gillard also holds 186,566 Restricted Stock Units.

Sentiment

Score: 6

Explanation: The document reflects routine insider transactions related to executive compensation. It's neutral in sentiment as it simply reports facts without indicating positive or negative performance.

Positives

• The vesting of Restricted Stock Units indicates a form of compensation and alignment of the executive's interests with the company's performance.

Negatives

• The disposal of shares to cover withholding taxes, while standard, slightly reduces the executive's holdings.

Future Outlook

The remaining Restricted Stock Units will vest in accordance with the following schedule: (i) 18,133 on January 2, 2025, (ii) 40,407 on January 3, 2025, (iii) 109,894 on December 31, 2025, and (iv) 18,132 on January 2, 2026.

Industry Context

Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders.

Comparison to Industry Standards

• Executive compensation packages often include Restricted Stock Units to align management's interests with shareholders, a common practice among companies like Schlumberger, Halliburton, and Baker Hughes.
• The vesting schedules and tax withholding practices are standard across the industry.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.

Key Dates