Schwab Charles Investment Management Inc. lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.9% during the 2nd quarter, Holdings Channel reports. The firm owned 984,188 shares of the oil and gas company’s stock after buying an additional 36,847 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Patterson-UTI Energy were worth $17,716,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PTEN. Point72 Asset Management L.P. grew its holdings in shares of Patterson-UTI Energy by 147.2% during the first quarter. Point72 Asset Management L.P. now owns 6,410,492 shares of the oil and gas company’s stock worth $112,248,000 after purchasing an additional 3,817,741 shares during the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter worth about $35,661,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Patterson-UTI Energy by 195.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,461,770 shares of the oil and gas company’s stock worth $43,106,000 after purchasing an additional 1,629,282 shares during the last quarter. Precocity Capital LP grew its holdings in shares of Patterson-UTI Energy by 945.5% during the first quarter. Precocity Capital LP now owns 1,150,000 shares of the oil and gas company’s stock worth $20,137,000 after purchasing an additional 1,040,000 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Patterson-UTI Energy by 8.4% during the first quarter. Wells Fargo & Company MN now owns 9,852,059 shares of the oil and gas company’s stock worth $172,509,000 after purchasing an additional 763,411 shares during the last quarter. Institutional investors own 96.27% of the company’s stock.

Shares of PTEN opened at $17.35 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $14.60 and a 52-week high of $25.03. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The business had revenue of $854.42 million during the quarter, compared to analyst estimates of $866.96 million. During the same period last year, the firm posted ($0.46) earnings per share. Patterson-UTI Energy’s quarterly revenue was up 47.5% compared to the same quarter last year. equities analysts predict that Patterson-UTI Energy, Inc. will post -0.4 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, September 5th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.

Several analysts recently commented on the company. BidaskClub cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, June 19th. Credit Suisse Group upgraded Patterson-UTI Energy from a “neutral” rating to an “outperform” rating and reduced their target price for the company from $22.00 to $19.00 in a report on Friday, July 27th. Zacks Investment Research upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Royal Bank of Canada reiterated a “buy” rating and issued a $28.00 target price on shares of Patterson-UTI Energy in a report on Friday, July 27th. Finally, BMO Capital Markets set a $21.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Buy” and an average target price of $24.33.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Read More: Price to Earnings Ratio (PE) Basics

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Institutional Ownership by Quarter for Patterson-UTI Energy (NASDAQ:PTEN)

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