Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Announces Quarterly Dividend of $0.10

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, February 4th. Stockholders of record on Monday, March 2nd will be given a dividend of 0.10 per share by the oil and gas company on Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, March 2nd. This is a 25.0% increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08.

Patterson-UTI Energy has raised its dividend payment by an average of 0.1%annually over the last three years. Patterson-UTI Energy has a payout ratio of -640.0% 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 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 Trading Up 4.0%

Shares of PTEN opened at $8.27 on Thursday. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.30. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $6.60 and its 200-day moving average price is $6.05. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of -22.97 and a beta of 0.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.10. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.13) EPS. Sell-side analysts anticipate that Patterson-UTI Energy will post -0.1 EPS for the current year.

About Patterson-UTI Energy

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.