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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, October 28th. Investors of record on Tuesday, December 1st will be given a dividend of $0.10 per share by the oil and gas company on Tuesday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, December 1st.

Patterson-UTI Energy has raised 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% 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 $0.31 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 129.0%.

Patterson-UTI Energy Stock Up 3.2%

PTEN stock opened at $12.60 on Thursday. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -54.78 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The business’s 50-day moving average is $11.85 and its two-hundred day moving average is $10.45. Patterson-UTI Energy has a fifty-two week low of $5.24 and a fifty-two week high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 1.68% and a negative net margin of 1.92%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. As a group, analysts forecast that Patterson-UTI Energy will post 0.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a report on Friday, July 31st. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research report on Monday, August 3rd. Barclays boosted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.14.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.