100,000 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Monaco Asset Management SAM

Key Points

• Monaco Asset Management SAM bought 100,000 PTEN shares worth approximately $918,000 in the second quarter. Institutional investors collectively own 97.91% of Patterson-UTI Energy.
• Company insiders sold 363,670 shares valued at about $4.2 million over the past 90 days, including sizable sales by the chief accounting officer and chief operating officer.
• PTEN maintains a quarterly dividend of $0.10, or $0.40 annually for a 3.5% yield. Analysts have a consensus “Moderate Buy” rating with an average price target of $12.95, although near-term profitability remains a concern.

Monaco Asset Management SAM purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 100,000 shares of the oil and gas company's stock, valued at approximately $918,000.

Several other institutional investors have also added to or reduced their stakes in the business. Convergence Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at about $1,325,000. Prescott Group Capital Management L.L.C. purchased a new position in Patterson-UTI Energy in the 4th quarter worth approximately $1,161,000. Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company's stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the period. Gagnon Securities LLC lifted its position in Patterson-UTI Energy by 69.0% in the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company's stock valued at $2,155,000 after purchasing an additional 144,080 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Patterson-UTI Energy by 163.5% in the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company's stock valued at $5,457,000 after purchasing an additional 312,680 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares of the company's stock, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is owned by insiders.

Key Stories Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Higher oil prices are improving expectations for drilling activity and energy-services demand. Patterson-UTI was highlighted as one of two energy stocks that could benefit from crude prices above $80. Oil Above $80: 2 Energy Stocks You Don't Want to Miss
• Positive Sentiment: Zacks Research maintains a “Strong Buy” view and raised several longer-term earnings forecasts. FY2026 EPS was improved to a loss of $0.05 from a loss of $0.10, FY2027 EPS to $0.04 from $0.02, and FY2028 EPS to $0.38 from $0.27. Estimates for Q1 2027 and Q3 2027 also improved modestly.
• Positive Sentiment: Analysts identified PTEN as one of the drilling stocks bucking a generally bearish industry trend, suggesting relative strength within the oil-and-gas drilling group. 3 Oil & Gas Drilling Stocks Bucking a Bearish Industry Trend
• Neutral Sentiment: The broader analyst view is a “Moderate Buy,” indicating constructive sentiment but not unanimous conviction. Patterson-UTI Energy Given Consensus Recommendation of Moderate Buy
• Negative Sentiment: Not all revisions were favorable: Q4 2027 EPS was lowered to $0.04 from $0.05, while the current full-year consensus still calls for a $0.04-per-share loss. This highlights continuing near-term profitability risk.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $11.37 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.34 billion, a P/E ratio of -49.43 and a beta of 0.63. The business's 50 day moving average price is $10.08 and its 200-day moving average price is $10.18. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. Patterson-UTI Energy's payout ratio is presently -173.91%.

Analyst Ratings Changes

PTEN has been the topic of several recent analyst reports. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Stifel Nicolaus upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Piper Sandler upgraded shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research report on Tuesday, July 14th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Company 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.

Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source