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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Shareholders of record on Monday, December 2nd will be paid a dividend of 0.08 per share by the oil and gas company on Monday, December 16th. This represents a $0.32 annualized dividend and a yield of 4.02%. The ex-dividend date is Monday, December 2nd.

Patterson-UTI Energy has increased its dividend payment by an average of 47.4% per year over the last three years. Patterson-UTI Energy has a payout ratio of 188.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Patterson-UTI Energy to earn $0.15 per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of 213.3%.

Patterson-UTI Energy Trading Up 2.2 %

Shares of NASDAQ PTEN opened at $7.97 on Friday. 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 $7.45 and a twelve month high of $13.48. The company’s fifty day moving average is $8.37 and its 200-day moving average is $9.76. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 25.71 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported ($2.50) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($2.51). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.29 billion. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. Equities research analysts predict that Patterson-UTI Energy will post 0.18 EPS for the current year.

Wall Street Analyst Weigh In

PTEN has been the topic of several recent research reports. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Piper Sandler cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, ATB Capital dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $12.54.

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.