Monaco Asset Management SAM Buys 3,607,042 Shares of Patterson-UTI Energy, Inc. $PTEN

Key Points

• Monaco Asset Management SAM more than doubled its stake in Patterson-UTI Energy during the fourth quarter, buying 3.61 million additional shares to bring its total holdings to 6.71 million shares worth about $41 million.
• Several other institutional investors also increased or initiated positions, and hedge funds and institutions now own 97.91% of Patterson-UTI Energy’s stock.
• Insiders have been selling shares recently, including the CEO and a director, while the company also reported a quarterly profit beat, declared a $0.10 quarterly dividend, and received mixed-but-leaning-positive analyst updates with a consensus Moderate Buy rating.

Monaco Asset Management SAM increased its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 116.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,714,355 shares of the oil and gas company's stock after buying an additional 3,607,042 shares during the quarter. Patterson-UTI Energy accounts for approximately 7.1% of Monaco Asset Management SAM's holdings, making the stock its biggest position. Monaco Asset Management SAM owned approximately 1.77% of Patterson-UTI Energy worth $41,025,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after buying an additional 3,862 shares in the last quarter. First Horizon Corp boosted its position in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after purchasing an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Patterson-UTI Energy during the third quarter valued at $37,000. Torren Management LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 7,171 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction dated 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 directly owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares in the company, valued at $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 808,949 shares of company stock worth $9,387,035. Company insiders own 2.20% of the company's stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $11.21 on Monday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The business has a 50-day moving average of $11.25 and a two-hundred day moving average of $8.65. The stock has a market capitalization of $4.26 billion, a P/E ratio of -36.16 and a beta of 0.61. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

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) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.16 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed 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 is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.6%. Patterson-UTI Energy's payout ratio is presently -129.03%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PTEN shares. 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. Morgan Stanley boosted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. Royal Bank Of Canada boosted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Piper Sandler boosted their price target 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. 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.10.

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.

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.