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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Investors of record on Monday, March 3rd will be paid a dividend of 0.08 per share by the oil and gas company on Monday, March 17th. This represents a $0.32 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Monday, March 3rd.

Patterson-UTI Energy has increased its dividend payment by an average of 58.7% per year over the last three years. Patterson-UTI Energy has a dividend payout ratio of 213.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Patterson-UTI Energy to earn ($0.17) 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 -188.2%.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock remained flat at $8.38 during mid-day trading on Thursday. The company’s stock had a trading volume of 16,495,967 shares, compared to its average volume of 9,013,077. The firm’s 50 day simple moving average is $8.25 and its two-hundred day simple moving average is $8.46. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -3.83 and a beta of 2.06. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 12-month low of $7.15 and a 12-month high of $12.65.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PTEN shares. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Stifel Nicolaus decreased their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Susquehanna reduced their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Finally, Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

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.