Patterson-UTI Energy, Inc. (PTEN) To Go Ex-Dividend on June 1st

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, April 22nd. Shareholders 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) dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 1st.

Patterson-UTI Energy has raised its dividend payment by an average of 0.3%annually 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. Equities research analysts expect Patterson-UTI Energy to earn $0.12 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 333.3%.

Patterson-UTI Energy Stock Performance

PTEN opened at $11.21 on Friday. The firm has a market cap of $4.26 billion, a P/E ratio of -36.16 and a beta of 0.64. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a 50 day simple moving average of $11.25 and a two-hundred day simple moving average of $8.63. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue was down 12.7% on a year-over-year basis. Equities analysts forecast that Patterson-UTI Energy will post -0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PTEN. The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a report on Wednesday. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday. Finally, Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $12.10.

Patterson-UTI Energy Company Profile

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.