Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 10.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 about 1.39% of Patterson-UTI Energy worth $41,540,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PTEN. Hexagon Capital Partners LLC increased its holdings in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock valued at $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 3,087 shares during the period. Covestor Ltd boosted its position in Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 3,307 shares in the last quarter. CWM LLC grew its holdings in Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 2,012 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after buying an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PTEN. Morgan Stanley decreased their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Monday, September 16th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Raymond James lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a report on Friday, October 25th. Finally, Citigroup reduced their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus target price of $11.88.

Patterson-UTI Energy Stock Down 1.6 %

NASDAQ PTEN traded down $0.13 on Tuesday, reaching $8.20. The stock had a trading volume of 7,248,879 shares, compared to its average volume of 7,194,097. The stock has a fifty day moving average price of $8.12 and a two-hundred day moving average price of $9.16. Patterson-UTI Energy, Inc. has a 12-month low of $7.38 and a 12-month high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's payout ratio is -14.61%.

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.