Patterson-UTI Energy, Inc. (PTEN) To Go Ex-Dividend on December 1st

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, October 22nd. Stockholders of record on Monday, December 1st will be paid a dividend of 0.08 per share by the oil and gas company on Monday, December 15th. This represents a c) annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Monday, December 1st.

Patterson-UTI Energy has increased its dividend payment by an average of 0.1%annually over the last three years. Patterson-UTI Energy has a payout ratio of -640.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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

Shares of PTEN stock opened at $5.82 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The company has a market capitalization of $2.21 billion, a PE ratio of -16.15 and a beta of 1.22. The firm’s 50-day moving average is $5.84 and its two-hundred day moving average is $5.86. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The firm had revenue of $191.70 million for the quarter. Analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PTEN. Quarry LP grew its stake in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 3,343 shares in the last quarter. State of Wyoming purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $54,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $37,000. Finally, Smartleaf Asset Management LLC boosted its holdings in Patterson-UTI Energy by 41.0% in the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after purchasing an additional 2,323 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.