Monaco Asset Management SAM Decreases Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Monaco Asset Management SAM cut its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 57.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 385,000 shares of the oil and gas company's stock after selling 515,000 shares during the period. Patterson-UTI Energy makes up 0.6% of Monaco Asset Management SAM's holdings, making the stock its 16th largest position. Monaco Asset Management SAM owned approximately 0.10% of Patterson-UTI Energy worth $3,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Patterson-UTI Energy by 89.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. Norges Bank acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $52,817,000. ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy by 25.2% in the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after purchasing an additional 2,569,713 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $14,403,000. Finally, Sourcerock Group LLC purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $14,240,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Down 6.3%

Patterson-UTI Energy stock traded down $0.37 during mid-day trading on Friday, hitting $5.54. The company had a trading volume of 8,927,268 shares, compared to its average volume of 11,777,657. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 1 year low of $5.12 and a 1 year high of $9.99. The business has a fifty day moving average of $6.07 and a 200 day moving average of $6.95. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -2.01 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. Patterson-UTI Energy's revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.8%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's payout ratio is -11.59%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PTEN. Royal Bank Of Canada cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. The Goldman Sachs Group decreased their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Barclays dropped their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Tuesday. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price objective on the stock. Finally, Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $8.27.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.