Patterson-UTI Energy, Inc. (PTEN) to Issue Quarterly Dividend of $0.10 on March 16th

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, February 4th. Investors of record on Monday, March 2nd will be given a dividend of 0.10 per share by the oil and gas company on Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, March 2nd. This is a 25.0% increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08.

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 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

Shares of PTEN opened at $8.17 on Friday. The stock has a market capitalization of $3.10 billion, a PE ratio of -32.68 and a beta of 0.76. The business’s fifty day moving average price is $6.65 and its 200 day moving average price is $6.06. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.30.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.49%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the company earned ($0.13) earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP increased its position in Patterson-UTI Energy by 360.3% in the 3rd 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 during the last quarter. Versant Capital Management Inc grew its stake in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 3,343 shares in the last quarter. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy during the third quarter valued at approximately $37,000. Finally, Torren Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $44,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.