Form 4: Patterson-UTI Energy Inc. Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Seth David Wexler, EVP/General Counsel/Secretary of Patterson-UTI Energy Inc., disposed of shares to cover withholding taxes on restricted stock units.
Summary
- On April 27, 2024, Seth David Wexler disposed of 11,543 shares of Patterson-UTI Energy Inc. common stock at a price of $11.25 per share to cover withholding taxes on restricted stock units.
- Following this transaction, Wexler directly owns 328,875 shares.
- On April 29, 2024, Wexler disposed of 6,060 shares of Patterson-UTI Energy Inc. common stock at a price of $11.25 per share to cover withholding taxes on restricted stock units.
- Following this transaction, Wexler directly owns 322,815 shares.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing relates to routine tax-related stock disposals.
Industry Context
This is a routine Form 4 filing, indicating insider transactions related to equity compensation. It's common for executives to sell shares to cover tax obligations when restricted stock units vest.
Stakeholder Impact
- The transactions are unlikely to have a significant impact on shareholders, as they are related to tax obligations and represent a small percentage of the total outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 04/27/2024 | 11,543 shares disposed of to cover withholding taxes. |
| 04/29/2024 | 6,060 shares disposed of to cover withholding taxes. |
| 04/30/2024 | Date of Form 4 filing. |
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