Clear Harbor Asset Management LLC Purchases 89,400 Shares of Patterson-UTI Energy, Inc. $PTEN

Clear Harbor Asset Management LLC lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 114.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,527 shares of the oil and gas company’s stock after buying an additional 89,400 shares during the period. Clear Harbor Asset Management LLC’s holdings in Patterson-UTI Energy were worth $1,024,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PTEN. Quarry LP increased its position 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 valued at $26,000 after buying an additional 3,862 shares in the last quarter. First Horizon Corp increased its position 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 valued at $34,000 after buying an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at $37,000. Torren Management LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC increased its position 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 valued at $51,000 after buying an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In other news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was 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 owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were 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 of the company’s stock, valued at $33,453,770.55. The trade was a 8.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 958,949 shares of company stock worth $11,107,535 over the last 90 days. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $11.53 on Tuesday. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of -37.19 and a beta of 0.61. The business has a 50-day moving average of $11.26 and a 200-day moving average of $8.68. 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, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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 revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.16 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -129.03%.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Piper Sandler increased 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. Finally, Citigroup lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. One investment 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 MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $12.10.

Patterson-UTI Energy 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.