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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, July 24th, Zacks reports. Shareholders of record on Tuesday, September 3rd will be given 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 yield of 3.07%. The ex-dividend date is Tuesday, September 3rd.

Patterson-UTI Energy has raised its dividend payment by an average of 47.4% annually over the last three years. Patterson-UTI Energy has a payout ratio of 44.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Patterson-UTI Energy to earn $0.61 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 52.5%.

Patterson-UTI Energy Price Performance

PTEN opened at $10.44 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.19 billion, a P/E ratio of 15.35 and a beta of 2.19. The stock has a 50-day moving average price of $10.38 and a 200-day moving average price of $10.94. Patterson-UTI Energy has a 12-month low of $9.51 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Equities analysts predict that Patterson-UTI Energy will post 0.48 earnings per share for the current fiscal year.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the sale, the director now directly owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PTEN shares. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Susquehanna decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Piper Sandler dropped their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.95.

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.