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Patterson-UTI Energy Launches New Share Buyback Program

By Eric Volkman - Sep 9, 2013 at 4:33PM

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The company follows an expired initiative with a $200 million effort.

Patterson-UTI Energy (PTEN 0.79%) 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.

Fool contributor Eric Volkman has no position in Patterson-UTI Energy. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Patterson-UTI Energy, Inc. Stock Quote
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