Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to Issue $0.10 Quarterly Dividend

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, July 29th. Investors of record on Tuesday, September 1st will be paid a dividend of 0.10 per share by the oil and gas company on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, September 1st.

Patterson-UTI Energy has increased its dividend payment by an average of 0.3%per year over the last three years. Patterson-UTI Energy has a dividend payout ratio of -800.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Patterson-UTI Energy to earn $0.25 per share next year, which means the company may not be able to cover its $0.40 annual dividend with an expected future payout ratio of 160.0%.

Patterson-UTI Energy Stock Up 1.7%

Shares of Patterson-UTI Energy stock opened at $9.33 on Thursday. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08. The company has a market cap of $3.54 billion, a P/E ratio of -30.10 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average price of $10.41 and a 200 day moving average price of $9.90.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.15 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, analysts expect that Patterson-UTI Energy will post -0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on PTEN shares. Citigroup lowered their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $10.00 to $15.00 in a report on Thursday, May 7th. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Susquehanna dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.15.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.