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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, October 22nd. Shareholders of record on Monday, December 1st will be given a dividend of 0.08 per share by the oil and gas company on Monday, December 15th. This represents a c) annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Monday, December 1st.

Patterson-UTI Energy has a dividend 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. 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 Price Performance

PTEN stock opened at $6.08 on Thursday. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.57. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. The company has a fifty day simple moving average of $5.59 and a two-hundred day simple moving average of $5.83. The firm has a market capitalization of $2.34 billion, a P/E ratio of -2.20 and a beta of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business had revenue of $191.70 million for the quarter. Analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC lifted its holdings in Patterson-UTI Energy by 14.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 4,691 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Patterson-UTI Energy by 199.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company’s stock valued at $511,000 after buying an additional 41,418 shares in the last quarter. Teacher Retirement System of Texas increased its position in Patterson-UTI Energy by 729.8% during the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company’s stock valued at $1,093,000 after purchasing an additional 116,982 shares during the period. CWM LLC increased its position in Patterson-UTI Energy by 587.5% during the 1st quarter. CWM LLC now owns 75,341 shares of the oil and gas company’s stock valued at $619,000 after purchasing an additional 64,383 shares during the period. Finally, GAMMA Investing LLC increased its position in Patterson-UTI Energy by 102.8% during the 1st quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company’s stock valued at $112,000 after purchasing an additional 6,891 shares during the period. Institutional investors own 97.91% of the company’s stock.

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.