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

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

Patterson-UTI Energy has raised its dividend by an average of 47.4% per year 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

NASDAQ:PTEN opened at $10.44 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The company 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 1-year low of $9.51 and a 1-year high of $16.17. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 15.35 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the company earned $0.46 earnings per share. Equities research analysts forecast that Patterson-UTI Energy will post 0.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PTEN. Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Susquehanna decreased their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Evercore ISI decreased their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Stifel Nicolaus dropped 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 research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.95.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by corporate insiders.

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.