Clear Harbor Asset Management LLC Has $1.02 Million Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Clear Harbor Asset Management increased its stake in Patterson-UTI Energy by 114.4% in the fourth quarter, ending with 167,527 shares valued at about $1.02 million.
• Patterson-UTI Energy reported better-than-expected quarterly results, posting a smaller-than-expected loss of $0.06 per share and revenue of $1.12 billion, though revenue still declined 12.7% year over year.
• The company also announced a quarterly dividend of $0.10 per share, while analysts currently hold a consensus rating of Moderate Buy with an average price target of $12.10.

Clear Harbor Asset Management LLC boosted its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 114.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,527 shares of the oil and gas company's stock after buying an additional 89,400 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Patterson-UTI Energy were worth $1,024,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Quarry LP boosted its holdings in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 3,862 shares in the last quarter. First Horizon Corp boosted its holdings in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after acquiring an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $37,000. Torren Management LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 7,171 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Up 2.9%

NASDAQ:PTEN opened at $11.53 on Tuesday. The stock's fifty day moving average price is $11.26 and its two-hundred day moving average price is $8.68. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -37.19 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company's quarterly revenue was down 12.7% on a year-over-year basis. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

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 3.5%. Patterson-UTI Energy's dividend payout ratio is -129.03%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler boosted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 27th. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. Citigroup boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.10.

Insider Buying and Selling

In other news, Director Cesar Jaime sold 10,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares of the company's stock, valued at $952,007.98. This represents a 11.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 958,949 shares of company stock worth $11,107,535. Company insiders own 2.20% of the company's stock.

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.

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