The CEO's open-market sale of $3.23M alongside the EVP/GC and directors is a bearish signal for a drilling company facing a challenged macro. Monitor for any upcoming operational update or guidance revision that may have prompted the selling. The historical calibration shows score-5 bearish calls on PTEN have had mixed outcomes, so position sizing should account for this uncertainty.
Price Chart
Executive Summary
A cluster of insider selling at Patterson-UTI Energy over the past week shows the President & CEO, EVP/General Counsel, and two directors collectively sold $7.3M worth of stock near $12.75-$12.93. While insider sales are often liquidity-driven, the participation of the CEO and multiple C-suite/director-level insiders in a tight window is notable. The selling represents ~0.15% of the $5.0B market cap, falling in the 'modest' proportionality band, and the historical calibration for this filing type shows poor predictive power for bullish calls at this score level, supporting a neutral-to-slightly-bearish read rather than a strong bearish signal.
Key Financial Metrics
Key Facts
- President & CEO Hendricks sold 250,000 shares for $3.23M on 2026-09-02
- EVP/GC Wexler sold 120,000 shares for $1.53M on 2026-09-01
- Director Drummond sold 198,395 shares for $2.55M on 2026-09-02
- Total cluster value: $7.3M across 4 trades in a 2-day window
- Selling represents ~0.15% of PTEN's $5.0B market cap
- Prior 30-day insider activity: $9.7M in sells (5 transactions)
- Analyst consensus is 64% bullish (14 Buy, 7 Hold, 1 Sell)
Financial Impact
Insider selling of $7.3M by CEO, EVP/GC, and two directors in a concentrated window
Risk Factors
- Insider sales may be pre-planned 10b5-1 trades or tax-related, reducing their informational value
- Oil & gas sector sentiment is heavily driven by commodity prices, not insider activity alone
- Historical calibration shows PTEN bearish calls at this score have a 44% win rate at T+20
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PTEN-1788472049144 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | Insider Cluster | $12.42 $12.42 | · 0.00% | ▼ −1.21% | $11.21 (+9.74%) |
Aug 26, 2026 5w ago | Institutional Cluster | $11.75 $13.15 | ▲ +11.91% | ▲ +12.04% | $11.21 (−4.60%) |
Jun 11, 2026 16w ago | Institutional Cluster | $11.49 $10.30 | ▲ +10.36% | ▲ +10.79% | $11.21 (+2.44%) |
Jun 10, 2026 16w ago | Insider Cluster | $11.49 $10.30 | ▼ −10.36% | ▼ −10.79% | $11.21 (−2.44%) |
Jun 4, 2026 17w ago | 8-K | $11.51 $11.49 | ▼ −0.17% | ▼ −0.74% | $11.21 (−2.61%) |
May 26, 2026 18w ago | 8-K | $12.12 $11.74 | ▼ −3.14% | ▼ −4.35% | $11.21 (−7.49%) |
May 7, 2026 21w ago | 424B5 | $11.41 $12.00 | ▲ +5.19% | ▲ +3.68% | $11.21 (−1.74%) |
May 1, 2026 22w ago | Insider Cluster | $11.97 $11.41 | ▼ −4.67% | ▼ −7.02% | $11.21 (−6.34%) |
May 1, 2026 22w ago | Insider Cluster | $11.97 $11.41 | ▲ +4.67% | ▲ +7.02% | $11.21 (+6.34%) |
Apr 28, 2026 22w ago | 8-K | $11.83 $12.39 | ▲ +4.73% | ▲ +3.03% | $11.21 (−5.23%) |
US Market Status
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