PTEN PATTERSON UTI ENERGY INC
Price Chart
Executive Summary
Patterson-UTI Energy filed an 8-K reporting stockholder approval to increase the 2021 Long-Term Incentive Plan share reserve by 28.9 million shares, and the completion of the redemption of all $482.5 million of its 3.95% Senior Notes due 2028 using proceeds from a $500 million 6.050% Senior Notes due 2036 offering. The debt refinancing extends maturities and locks in higher interest costs, while the equity plan amendment enables future dilution for employee compensation.
Actionable Insight
The debt refinancing is credit-neutral to slightly negative — the company extended maturities to 2036 but at a 210bps higher coupon, increasing annual interest expense by ~$10.5M. The 28.9M share increase to the LTIP reserve signals ongoing equity compensation but is not an immediate dilution event. Monitor the next earnings call for commentary on how the higher interest cost impacts free cash flow and capital return plans.
Key Facts
- Stockholders approved an amendment to the 2021 Long-Term Incentive Plan to increase shares available for issuance by 28.9 million shares.
- All ten director nominees were elected with strong support (lowest 'for' vote was 317.7 million for Julie J. Robertson).
- The advisory 'say-on-pay' vote passed with 311.5 million votes for and 15.6 million against.
- Company completed redemption of all $482.5 million aggregate principal amount of 3.95% Senior Notes due 2028 at 100% of par plus accrued interest.
- Redemption was funded with a portion of the net proceeds from the $500 million 6.050% Senior Notes due 2036 offering that closed May 19, 2026.
- 379,615,632 shares of common stock were outstanding and entitled to vote at the annual meeting.
Financial Impact
Debt refinancing: $482.5M of 3.95% notes redeemed, replaced by $500M of 6.050% notes due 2036, increasing annual interest cost by approximately $10.5M per year. Equity plan amendment adds 28.9M shares (7.6% of outstanding) to the compensation pool, enabling future dilution.
Risk Factors
- Higher annual interest expense from the 6.050% notes vs. the redeemed 3.95% notes reduces free cash flow.
- The 28.9M share increase to the LTIP reserve represents potential future dilution of ~7.6% of current outstanding shares.
- Advisory say-on-pay received 15.6 million against votes (4.8% of votes cast), indicating some shareholder compensation concerns.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000889900-26-000044 |
| Document: pten-20260604.htm | 0000889900-26-000044 |
| Document: 0000889900-26-000044-index-headers.html | 0000889900-26-000044 |
| Document: 0000889900-26-000044-index.html | 0000889900-26-000044 |
| Document: 0000889900-26-000044.txt | 0000889900-26-000044 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
3d ago
|
Institutional Cluster
| $11.99 awaiting T+5 | awaiting T+5 | — | $11.49 (+4.17%) |
|
Jun 10, 2026
4d ago
|
Insider Cluster
| $12.02 awaiting T+5 | awaiting T+5 | — | $11.49 (−4.41%) |
|
Jun 4, 2026
10d ago
|
8-K
| $12.40 awaiting T+5 | awaiting T+5 | — | $11.49 (−7.34%) |
|
May 26, 2026
19d ago
|
8-K
| $12.12 $11.74 | ▼ −3.14% | ▼ −4.35% | $11.49 (−5.18%) |
|
May 7, 2026
5w ago
|
424B5
| $11.41 $12.00 | ▲ +5.19% | ▲ +3.68% | $11.49 (+0.72%) |
|
May 1, 2026
6w ago
|
Insider Cluster
| $11.97 $11.41 | ▼ −4.67% | ▼ −7.02% | $11.49 (−4.00%) |
|
May 1, 2026
6w ago
|
Insider Cluster
| $11.97 $11.41 | ▲ +4.67% | ▲ +7.02% | $11.49 (+4.00%) |
|
Apr 28, 2026
6w ago
|
8-K
| $11.83 $12.39 | ▲ +4.73% | ▲ +3.03% | $11.49 (−2.87%) |
|
Apr 13, 2026
8w ago
|
DEFA14A
| $9.88 $10.57 | ▲ +7.00% | ▲ +5.60% | $11.49 (+16.32%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access