Monaco Asset Management SAM Raises Holdings in Patterson-UTI Energy, Inc. $PTEN

Monaco Asset Management SAM boosted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 116.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,714,355 shares of the oil and gas company’s stock after acquiring an additional 3,607,042 shares during the period. Patterson-UTI Energy makes up approximately 7.1% of Monaco Asset Management SAM’s holdings, making the stock its largest holding. Monaco Asset Management SAM’s holdings in Patterson-UTI Energy were worth $41,025,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTEN. Quarry LP increased its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. First Horizon Corp increased its stake in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy during the third quarter valued at about $37,000. Torren Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at about $44,000. Finally, EverSource Wealth Advisors LLC increased its stake in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Insider Activity

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the sale, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. This trade represents a 8.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares in the company, valued at $952,007.98. This represents a 11.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 808,949 shares of company stock valued at $9,387,035 in the last 90 days. 2.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PTEN has been the topic of several research reports. Stifel Nicolaus boosted their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research note on Monday, April 20th. Citigroup upped their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.10.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $11.21 on Monday. The company has a market capitalization of $4.26 billion, a P/E ratio of -36.16 and a beta of 0.61. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The business’s 50 day simple moving average is $11.25 and its 200-day simple moving average is $8.65.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.6%. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

Patterson-UTI Energy Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.