Patterson-UTI Energy, Inc. (PTEN) To Go Ex-Dividend on September 3rd

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, July 24th, Zacks reports. Investors 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 annualized dividend and a dividend yield of 3.07%. 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% per year over the last three years. Patterson-UTI Energy has a payout ratio of 44.4% indicating that 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

Shares of NASDAQ:PTEN opened at $10.44 on Friday. Patterson-UTI Energy has a one year low of $9.51 and a one year high of $16.17. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 15.35 and a beta of 2.19. 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 firm has a 50 day simple moving average of $10.38 and a 200 day simple moving average of $10.94.

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 analysts’ consensus estimates 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 analyst estimates of $1.41 billion. Research analysts predict that Patterson-UTI Energy will post 0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Bank of America cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research note on Thursday, July 11th. Piper Sandler lowered their target price on 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. Evercore ISI reduced their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.95.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was 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 $23,191,187.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.

About Patterson-UTI Energy

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.