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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) announced a quarterly dividend on Wednesday, February 4th. Shareholders of record on Monday, March 2nd will be paid a dividend of 0.10 per share by the oil and gas company on Monday, March 16th. This represents a c) dividend on an annualized basis and a 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 increased 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 Stock Performance

Shares of PTEN stock traded up $0.35 during mid-day trading on Thursday, reaching $8.30. The stock had a trading volume of 1,817,966 shares, compared to its average volume of 11,009,386. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.30. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of -22.99 and a beta of 0.76. 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 business’s fifty day moving average is $6.60 and its 200-day moving average is $6.05.

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

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.