Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Announces $0.04 Quarterly Dividend

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Thursday, December 5th will be given a dividend of 0.04 per share by the oil and gas company on Thursday, December 19th. This represents a $0.16 annualized dividend and a yield of 1.79%. The ex-dividend date is Wednesday, December 4th.

Shares of Patterson-UTI Energy stock opened at $8.94 on Monday. The stock’s fifty day moving average is $8.70 and its two-hundred day moving average is $9.86. The company has a market capitalization of $1.74 billion, a PE ratio of -26.29 and a beta of 1.66. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.34. Patterson-UTI Energy has a 52 week low of $7.67 and a 52 week high of $16.27.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.27) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.03. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The company had revenue of $598.50 million for the quarter, compared to the consensus estimate of $604.66 million. During the same quarter in the prior year, the company posted ($0.10) EPS. Patterson-UTI Energy’s quarterly revenue was down 31.0% on a year-over-year basis. As a group, research analysts anticipate that Patterson-UTI Energy will post -0.97 earnings per share for the current year.

A number of brokerages recently weighed in on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Thursday. Wolfe Research set a $11.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley decreased their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, October 7th. Royal Bank of Canada set a $10.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America cut Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $11.88.

In other Patterson-UTI Energy news, Director Janeen S. Judah sold 5,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $9.05, for a total value of $45,250.00. Following the sale, the director now owns 27,023 shares in the company, valued at $244,558.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.00% of the stock is owned by insiders.

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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Dividend History for Patterson-UTI Energy (NASDAQ:PTEN)

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