Patterson-UTI Energy Launches New Share Buyback Program

Patterson-UTI Energy (NASDAQ: PTEN  ) is marking the completion of an expired stock repurchase program with the launch of a new and expanded one. The company announced that, after spending roughly $50.9 million to buy back its common stock in Q3, it completed the $150 million initiative launched in July 2012. Following that, it has authorized a fresh buyback program for up to $200 million worth of common shares.

The buybacks will be effected through various means, including open market trades and privately negotiated purchases. The company cautioned, however, that the buybacks "may be commenced or suspended at any time or from time to time without prior notice."

Currently, Patterson-UTI Energy has nearly 146 million shares outstanding. Its stock currently trades at $20.46 per share.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2628972, ~/Articles/ArticleHandler.aspx, 9/27/2016 1:34:33 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,220.46 125.63 0.69%
S&P 500 2,159.46 13.36 0.62%
NASD 5,296.44 38.95 0.74%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/27/2016 1:19 PM
PTEN $18.75 Down -0.27 -1.42%
Patterson-UTI Ener… CAPS Rating: **