Monaco Asset Management SAM Sells 515,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Monaco Asset Management SAM reduced its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 57.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 385,000 shares of the oil and gas company’s stock after selling 515,000 shares during the quarter. Patterson-UTI Energy comprises 0.6% of Monaco Asset Management SAM’s holdings, making the stock its 16th biggest position. Monaco Asset Management SAM owned 0.10% of Patterson-UTI Energy worth $3,165,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its stake in shares of Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company’s stock valued at $301,000 after acquiring an additional 4,691 shares during the last quarter. Northern Trust Corp increased its stake in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock valued at $35,426,000 after acquiring an additional 170,417 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Patterson-UTI Energy by 199.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company’s stock valued at $511,000 after acquiring an additional 41,418 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Patterson-UTI Energy by 729.8% in the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company’s stock valued at $1,093,000 after acquiring an additional 116,982 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at about $3,717,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of recent analyst reports. Morgan Stanley lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. The Goldman Sachs Group lowered their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Citigroup reiterated a “neutral” rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. decreased their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 28th. Finally, Piper Sandler started coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a “neutral” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and a consensus target price of $8.27.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction 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 transaction, the director owned 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Trading Up 1.8%

NASDAQ PTEN opened at $6.35 on Wednesday. The company has a market cap of $2.45 billion, a PE ratio of -2.30 and a beta of 1.32. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.36. Patterson-UTI Energy, Inc. has a 12 month low of $5.12 and a 12 month high of $11.07. The stock has a 50 day moving average of $6.05 and a 200-day moving average of $6.97.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $0.03 EPS. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend is Tuesday, September 2nd. Patterson-UTI Energy’s payout ratio is -11.59%.

Patterson-UTI Energy Company 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.