Will Patterson-UTI Energy (PTEN) Benefit from the Merger with NextTier?
Bernzott Capital Advisors, an investment management firm, published its “US Small Cap Value Fund” fourth-quarter 2023 investor letter, a copy of which can be downloaded here. In the fourth quarter, the portfolio gained +14.1% on a net basis, lagging behind R2000V’s advance of +15.2% and above R2500V’s rise of +13.7%. The largest contribution to the gains on the portfolio was the industrial sector. Within Industrials, stock selection was the primary driver. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Bernzott Capital Advisors US Small Cap Value Fund featured stocks such as Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter 2023 investor letter. Headquartered in Houston, Texas, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides contract drilling services to oil and natural gas operators. On February 13, 2024, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) stock closed at $10.33 per share. One-month return of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was 2.89%, and its shares lost 32.31% of their value over the last 52 weeks. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has a market capitalization of $4.311 billion.
Bernzott Capital Advisors US Small Cap Value Fund stated the following regarding Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in its fourth quarter 2023 investor letter:
"Patterson-UTI Energy, Inc. (NASDAQ:PTEN): Lower energy prices and depressed rig counts caused the underperformance during the quarter. Recently completed merger with NextTier Oilfield Solutions and the acquisition of Ulterra should drive improved cash flow and cost synergy opportunities."
A drilling rig in an oil field, the sun setting over the horizon.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Patterson-UTI Energy, Inc. (NASDAQ:PTEN) at the end of third quarter which was 29 in the previous quarter.
We discussed Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in another article and shared the list of fastest growing energy companies in the US. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
