Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Announces Quarterly Dividend of $0.08

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, July 24th, Zacks reports. Stockholders of record on Tuesday, September 3rd will be paid a dividend of 0.08 per share by the oil and gas company on Monday, September 16th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, September 3rd.

Patterson-UTI Energy has increased its dividend payment by an average of 47.4% annually over the last three years. Patterson-UTI Energy has a dividend payout ratio of 80.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Patterson-UTI Energy to earn $0.47 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 68.1%.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $9.21 on Monday. The company has a 50 day moving average of $9.77 and a two-hundred day moving average of $10.74. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a twelve month low of $8.64 and a twelve month high of $16.17. The company has a market cap of $3.62 billion, a price-to-earnings ratio of 13.54 and a beta of 2.18.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, analysts predict that Patterson-UTI Energy will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Bank of America lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Finally, Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.59.

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.