Charles Schwab Investment Management Inc. Has $47.99 Million Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Charles Schwab Investment Management Inc. raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,810,020 shares of the oil and gas company’s stock after purchasing an additional 379,938 shares during the period. Charles Schwab Investment Management Inc. owned 1.49% of Patterson-UTI Energy worth $47,991,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PTEN. Sage Rhino Capital LLC raised its position in shares of Patterson-UTI Energy by 38.8% in the 4th quarter. Sage Rhino Capital LLC now owns 14,059 shares of the oil and gas company’s stock worth $116,000 after acquiring an additional 3,928 shares in the last quarter. Bailard Inc. bought a new stake in Patterson-UTI Energy in the 4th quarter valued at about $225,000. Smartleaf Asset Management LLC boosted its stake in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Connable Office Inc. boosted its stake in Patterson-UTI Energy by 81.4% during the 4th quarter. Connable Office Inc. now owns 23,917 shares of the oil and gas company’s stock valued at $198,000 after purchasing an additional 10,731 shares during the last quarter. Finally, Versor Investments LP boosted its stake in shares of Patterson-UTI Energy by 53.0% in the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock worth $1,453,000 after buying an additional 60,900 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares of the company’s stock, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. 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. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 358,149 shares of company stock valued at $2,990,766 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $7.91 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The company has a 50-day simple moving average of $8.43 and a two-hundred day simple moving average of $8.23. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of -3.20 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 12-month low of $7.03 and a 12-month high of $12.65.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.05%. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the company from $11.00 to $10.00 in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

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.