Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered a return of -5.77% net of fees (-5.57% gross of fees), trailing the Russell 2000 Index’s -5.13% total return. Both security selection and allocation effects drove the underperformance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Capital Small Cap Equity Strategy highlighted stocks like Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third 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 October 16, 2023, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) stock closed at $13.83 per share. One-month return of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was -8.71%, and its shares lost 2.19% of their value over the last 52 weeks. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has a market capitalization of $5.741 billion.
Aristotle Capital Small Cap Equity Strategy made the following comment about Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in its Q3 2023 investor letter:
“Patterson-UTI Energy, Inc. (NASDAQ:PTEN), an oilfield services company focused on drilling and pressure pumping solutions was added to the portfolio following its merger with NexTier Oilfield Solutions. Overall, we maintain a positive view on the business combination as the merging of the two entities creates a comprehensive drilling and completions franchise with leadership positions in contract drilling, pressure pumping and directional drilling. Furthermore, we believe the company will benefit from greater size and scale, synergistic cost savings initiatives, and a more diversified suite of offerings to serve its customers.”
An offshore drilling rig in the Gulf of Mexico surrounded by a sea of blue. Editorial photo for a financial news article. 8k. –ar 16:9
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Patterson-UTI Energy, Inc. (NASDAQ:PTEN) at the end of second quarter which was 23 in the previous quarter.
We discussed Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in another article and shared the list of best performing small-cap ETFs in 2023. In addition, please check out our hedge fund investor letters Q3 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.
