Caxton Associates LLP Raises Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Caxton Associates LLP sharply increased its stake in Patterson-UTI Energy by 941.8% in the first quarter, ending with 426,117 shares valued at about $4.6 million.
• The company reported better-than-expected quarterly results, with EPS of -$0.06 versus the -$0.10 consensus and revenue of $1.12 billion, though revenue still fell 12.7% from a year earlier.
• Insiders have been selling shares, including director Robert Wayne Drummond Jr. and COO James Michael Holcomb, while analysts remain mixed with a consensus rating of Hold and an average price target of $12.15.

Caxton Associates LLP lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 941.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 426,117 shares of the oil and gas company's stock after acquiring an additional 385,215 shares during the period. Caxton Associates LLP owned 0.11% of Patterson-UTI Energy worth $4,615,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock worth $229,732,000 after purchasing an additional 2,745,872 shares during the last quarter. State Street Corp raised its position in shares of Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after buying an additional 75,560 shares during the last quarter. Sourcerock Group LLC raised its position in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after buying an additional 7,205,652 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after buying an additional 5,551,276 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company's stock valued at $102,347,000 after buying an additional 934,766 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $10.34 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $13.08. The stock has a market capitalization of $3.93 billion, a P/E ratio of -33.35 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The business's fifty day moving average price is $10.66 and its 200 day moving average price is $9.82.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly 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. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy's quarterly revenue was down 12.7% compared to the same quarter last year. As a group, research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 sale, the chief operating officer owned 421,523 shares of the company's stock, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last three months. 2.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on PTEN. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research note on Monday, June 29th. Piper Sandler upgraded Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price objective on the stock in a report on Tuesday, July 14th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $10.00 to $15.00 in a research report on Thursday, May 7th. Finally, KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of "Hold" and a consensus price target of $12.15.

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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