Patterson-UTI Energy, Inc. $PTEN Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Patterson-UTI Energy by 3.2%, selling 186,193 shares and holding approximately 1.46% of the company, valued at $46.2 million.
• The recent earnings report showed Patterson-UTI Energy posted a loss of ($0.06) EPS, missing expectations, with revenue down 9.6% year-over-year at $1.22 billion.
• Patterson-UTI Energy declared a quarterly dividend of $0.08 per share, yielding 5.9%, to be paid on September 15th to stockholders of record on September 2nd.

Charles Schwab Investment Management Inc. lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,623,827 shares of the oil and gas company's stock after selling 186,193 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.46% of Patterson-UTI Energy worth $46,228,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. New Age Alpha Advisors LLC lifted its position in Patterson-UTI Energy by 13.7% in the first quarter. New Age Alpha Advisors LLC now owns 544,983 shares of the oil and gas company's stock valued at $4,480,000 after buying an additional 65,876 shares during the last quarter. Ruffer LLP acquired a new position in Patterson-UTI Energy in the first quarter valued at about $4,278,000. SCP Investment LP acquired a new position in Patterson-UTI Energy in the first quarter valued at about $230,000. Blueshift Asset Management LLC purchased a new stake in Patterson-UTI Energy during the first quarter worth about $129,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Patterson-UTI Energy during the first quarter worth about $522,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Stock Down 0.5%

Shares of PTEN stock traded down $0.0250 during trading hours on Thursday, reaching $5.2650. 740,139 shares of the stock were exchanged, compared to its average volume of 11,386,186. The business's fifty day moving average is $5.98 and its two-hundred day moving average is $6.62. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50. Patterson-UTI Energy, Inc. has a 12-month low of $5.12 and a 12-month high of $9.66. The firm has a market capitalization of $2.03 billion, a P/E ratio of -1.90 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the previous year, the company posted $0.03 earnings per share. The firm's quarterly revenue was down 9.6% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date is Tuesday, September 2nd. Patterson-UTI Energy's dividend payout ratio is presently -11.59%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PTEN. Citigroup reiterated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. Barclays cut their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 29th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 price target on the stock. JPMorgan Chase & Co. cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Finally, Royal Bank Of Canada cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of "Hold" and an average price target of $8.27.

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.