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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, May 1st, Zacks reports. Shareholders of record on Monday, June 3rd will be paid a dividend of 0.08 per share by the oil and gas company on Monday, June 17th. This represents a $0.32 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Monday, June 3rd.

Patterson-UTI Energy has raised its dividend payment by an average of 47.4% per year over the last three years.

Patterson-UTI Energy Trading Up 0.7 %

Patterson-UTI Energy stock traded up $0.07 during mid-day trading on Friday, hitting $10.66. The company’s stock had a trading volume of 3,511,719 shares, compared to its average volume of 6,583,126. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The business has a 50 day moving average price of $11.65 and a 200-day moving average price of $11.52. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 1.49 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the business posted $0.46 EPS. As a group, analysts forecast that Patterson-UTI Energy will post 0.62 EPS for the current year.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Raymond James dropped their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Finally, Evercore ISI decreased their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.08.

Patterson-UTI Energy Company Profile

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.