Gagnon Securities LLC Raises Stake in Patterson-UTI Energy, Inc. $PTEN

Key Points

• Gagnon Securities LLC increased its stake in Patterson-UTI Energy by 69% in the fourth quarter, ending with 352,777 shares valued at about $2.16 million.
• Insider selling was notable: Director Cesar Jaime and COO James Michael Holcomb both sold shares, and insiders sold 1.17 million shares worth roughly $13.6 million last quarter.
• PTEN recently reported a smaller-than-expected loss and revenue slightly above estimates, while also declaring a quarterly dividend of $0.10 per share yielding about 3.5%.

Gagnon Securities LLC boosted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 69.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 352,777 shares of the oil and gas company's stock after buying an additional 144,080 shares during the period. Gagnon Securities LLC owned approximately 0.09% of Patterson-UTI Energy worth $2,155,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Quarry LP boosted its position in 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 purchasing an additional 3,862 shares in the last quarter. First Horizon Corp boosted its position in 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 purchasing an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $37,000. Torren Management LLC purchased a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in 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 purchasing an additional 7,171 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In related 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 completion of the transaction, the director directly owned 77,462 shares of the company's stock, valued at approximately $952,007.98. This represents a 11.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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 sold 1,172,619 shares of company stock worth $13,599,712 in the last quarter. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $11.49 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company has a market cap of $4.36 billion, a price-to-earnings ratio of -37.06 and a beta of 0.61. The stock has a 50 day simple moving average of $11.42 and a 200-day simple moving average of $9.04. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08.

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 the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion during 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%.Patterson-UTI Energy's revenue was down 12.7% on a year-over-year basis. On average, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have commented on the company. Piper Sandler upped their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 27th. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $12.30.

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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