ARGA Investment Management LP Sells 1,990,423 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• ARGA Investment Management sold 1,990,423 shares of Patterson-UTI, cutting its stake by 33.2% to 4,012,091 shares (about 1.06% of the company) valued at roughly $24.5 million at quarter-end.
• Several large institutions sharply increased positions—including Sourcerock, Holocene, UBS, Millennium and BNP Paribas—leaving institutional ownership at about 97.91% of the stock.
• Patterson-UTI reported a quarterly EPS loss smaller than expected and $1.12B in revenue (down 12.7% year-over-year), declared a $0.10 quarterly dividend (annualized $0.40, ~3.5% yield), and holds a consensus analyst price target of $11.30 with an average rating of "Hold."

ARGA Investment Management LP lowered its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 33.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,012,091 shares of the oil and gas company's stock after selling 1,990,423 shares during the period. ARGA Investment Management LP owned approximately 1.06% of Patterson-UTI Energy worth $24,514,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Sourcerock Group LLC raised its stake in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the period. Holocene Advisors LP raised its stake in shares of Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock valued at $47,801,000 after purchasing an additional 5,891,956 shares during the period. UBS Group AG raised its stake in shares of Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the period. Millennium Management LLC raised its stake in shares of Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Patterson-UTI Energy by 444.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,020,212 shares of the oil and gas company's stock valued at $17,910,000 after purchasing an additional 2,465,209 shares during the period. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $11.46 on Tuesday. The firm has a market capitalization of $4.35 billion, a P/E ratio of -36.97 and a beta of 0.57. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock's 50-day simple moving average is $9.95 and its two-hundred day simple moving average is $7.72. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $11.75.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.11 billion. The firm's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.31 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's payout ratio is currently -129.03%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Friday. Susquehanna upped their target price on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a "positive" rating in a report on Tuesday, April 7th. Citigroup upped their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Barclays upped their target price on shares of Patterson-UTI Energy from $8.00 to $10.00 and gave the stock an "equal weight" rating in a report on Monday. Finally, Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Hold" and a consensus price target of $11.30.

About Patterson-UTI Energy

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.

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