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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, February 5th,Wall Street Journal reports. Stockholders of record on Monday, March 3rd will be given a dividend of 0.08 per share by the oil and gas company on Monday, March 17th. This represents a $0.32 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Monday, March 3rd.

Patterson-UTI Energy has increased its dividend payment by an average of 58.7% annually over the last three years. Patterson-UTI Energy has a dividend payout ratio of 213.3% indicating that 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 ($0.17) 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 Stock Performance

PTEN stock traded up $0.24 on Friday, hitting $8.62. The company’s stock had a trading volume of 11,733,659 shares, compared to its average volume of 9,127,574. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -3.94 and a beta of 2.07. The firm has a 50 day moving average of $8.25 and a two-hundred day moving average of $8.46. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 1 year low of $7.15 and a 1 year high of $12.65.

Wall Street Analyst Weigh In

PTEN has been the subject of several recent research reports. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

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.