Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Stockholders of record on Thursday, June 6th will be given a dividend of 0.04 per share by the oil and gas company on Thursday, June 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Wednesday, June 5th.
Patterson-UTI Energy has decreased its dividend payment by an average of 29.5% per year over the last three years. Patterson-UTI Energy has a dividend payout ratio of -39.0% 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 ($0.33) per share next year, which means the company may not be able to cover its $0.16 annual dividend with an expected future payout ratio of -48.5%.
PTEN traded up $0.32 during trading on Wednesday, hitting $12.14. The stock had a trading volume of 3,267,084 shares, compared to its average volume of 3,915,550. The stock has a market cap of $2.50 billion, a P/E ratio of -35.71 and a beta of 1.43. Patterson-UTI Energy has a twelve month low of $9.49 and a twelve month high of $19.29. The company has a quick ratio of 1.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.33. The business’s 50 day simple moving average is $11.61.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. The company had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. Patterson-UTI Energy’s revenue was down 13.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.16) earnings per share. On average, sell-side analysts anticipate that Patterson-UTI Energy will post -0.71 EPS for the current fiscal year.
Several brokerages recently issued reports on PTEN. BidaskClub raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Raymond James set a $21.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, April 26th. Bank of America reaffirmed a “buy” rating and issued a $14.00 price objective (down previously from $20.00) on shares of Patterson-UTI Energy in a report on Tuesday. Finally, TheStreet cut shares of Patterson-UTI Energy from a “c-” rating to a “d” rating in a report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $18.79.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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