Charles Schwab Investment Management Inc. Raises Stock Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Charles Schwab Investment Management Inc. grew its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,810,020 shares of the oil and gas company's stock after buying an additional 379,938 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.49% of Patterson-UTI Energy worth $47,991,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after buying an additional 1,358 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Patterson-UTI Energy by 7.2% during the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company's stock valued at $171,000 after buying an additional 1,501 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after buying an additional 1,717 shares during the last quarter. KBC Group NV grew its holdings in shares of Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company's stock valued at $84,000 after buying an additional 1,723 shares during the last quarter. Finally, Greenleaf Trust boosted its holdings in Patterson-UTI Energy by 12.3% in the fourth quarter. Greenleaf Trust now owns 19,576 shares of the oil and gas company's stock worth $162,000 after purchasing an additional 2,141 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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Patterson-UTI Energy Price Performance

Shares of PTEN stock traded up $0.06 on Tuesday, hitting $7.92. 11,825,880 shares of the stock traded hands, compared to its average volume of 7,870,593. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of -3.21 and a beta of 1.99. Patterson-UTI Energy, Inc. has a 52 week low of $7.03 and a 52 week high of $12.65. The firm has a 50 day simple moving average of $8.42 and a two-hundred day simple moving average of $8.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.04%. Patterson-UTI Energy's payout ratio is -12.96%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Raymond James cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus dropped their target price 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $11.63.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 358,149 shares of company stock worth $2,990,766 in the last three months. Company insiders own 2.30% of the company's stock.

Patterson-UTI Energy 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.