Charles Schwab Investment Management Inc. Buys 494,250 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Charles Schwab Investment Management Inc. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,430,082 shares of the oil and gas company’s stock after purchasing an additional 494,250 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.39% of Patterson-UTI Energy worth $41,540,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PTEN. Vaughan Nelson Investment Management L.P. grew its stake in shares of Patterson-UTI Energy by 6.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after buying an additional 197,555 shares during the last quarter. Stanley Laman Group Ltd. boosted its holdings in Patterson-UTI Energy by 30.8% during the 2nd quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company’s stock valued at $3,093,000 after acquiring an additional 70,229 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter valued at $495,000. Grace & White Inc. NY increased its stake in Patterson-UTI Energy by 668.6% in the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after purchasing an additional 243,368 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 2,744.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $8.33 on Tuesday. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65. The firm’s fifty day simple moving average is $8.12 and its two-hundred day simple moving average is $9.18. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.25 billion, a P/E ratio of -3.86 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.84%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analysts Set New Price Targets

PTEN has been the topic of several recent analyst reports. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Raymond James reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Barclays dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.88.

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.