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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, April 22nd. Stockholders of record on Monday, June 1st will be given a dividend of 0.10 per share by the oil and gas company on Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, June 1st.

Patterson-UTI Energy has raised its dividend 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. Research analysts expect Patterson-UTI Energy to earn ($0.08) 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 -500.0%.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $10.81 on Thursday. The business has a 50 day moving average of $9.76 and a 200-day moving average of $7.60. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $11.75. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The company has a market capitalization of $4.10 billion, a P/E ratio of -43.24 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 8.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company’s stock worth $112,825,000 after buying an additional 1,465,102 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.9% during the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after buying an additional 1,135,704 shares in the last quarter. State Street Corp boosted its holdings in shares of Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after buying an additional 75,560 shares in the last quarter. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.