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. 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 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Tuesday, September 3rd.

Patterson-UTI Energy has increased its dividend 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 Stock Performance

Shares of NASDAQ:PTEN opened at $10.44 on Friday. The business has a 50-day moving average of $10.38 and a two-hundred day moving average of $10.94. The firm has a market capitalization of $4.19 billion, a PE 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. 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, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The business 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 business earned $0.46 EPS. As a group, research analysts forecast that Patterson-UTI Energy will post 0.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent research reports. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Evercore ISI reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Susquehanna decreased their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Finally, Bank of America dropped their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.95.

Insider Buying and Selling

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 stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

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.