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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.08 per share by the oil and gas company on Monday, December 16th. This represents a $0.32 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Monday, December 2nd.

Patterson-UTI Energy has raised its dividend by an average of 47.4% annually over the last three years. Patterson-UTI Energy has a dividend payout ratio of 188.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Stock Performance

Shares of NASDAQ:PTEN traded up $0.20 during midday trading on Friday, hitting $8.17. The company's stock had a trading volume of 11,776,442 shares, compared to its average volume of 7,090,941. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The stock's 50 day simple moving average is $8.35 and its 200 day simple moving average is $9.73. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 26.35 and a beta of 2.12. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $13.29.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released 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 net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, research analysts anticipate that Patterson-UTI Energy will post 0.18 earnings per share for the current year.

Analyst Ratings Changes

PTEN has been the topic of several research analyst reports. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus dropped 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 report on Friday, October 11th. Piper Sandler cut their price objective on shares of 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. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 4th. Finally, Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.96.

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.