Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up After Dividend Announcement


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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped up before the market opened on Monday following a dividend announcement from the company. The stock had previously closed at $6.76, but opened at $7.07. Patterson-UTI Energy shares last traded at $7.11, with a volume of 25,408 shares.

The newly announced dividend which will be paid on Thursday, June 17th. Shareholders of record on Thursday, June 3rd will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, June 2nd. This represents a $0.08 dividend on an annualized basis and a yield of 1.06%. Patterson-UTI Energy’s dividend payout ratio is currently -8.08%.

Several equities analysts have commented on PTEN shares. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $7.00 to $9.00 in a research report on Monday. Morgan Stanley lifted their target price on Patterson-UTI Energy from $5.50 to $7.50 and gave the stock an “equal weight” rating in a research report on Wednesday, March 31st. Finally, Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Wednesday, January 6th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Patterson-UTI Energy has an average rating of “Hold” and an average target price of $5.33.

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.89 and a current ratio of 2.02. The company has a 50 day moving average of $7.11 and a 200 day moving average of $5.87. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -1.83 and a beta of 3.20.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 29th. The oil and gas company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.01). Patterson-UTI Energy had a negative return on equity of 16.24% and a negative net margin of 56.10%. The business had revenue of $241.00 million for the quarter, compared to analyst estimates of $240.99 million. During the same quarter in the previous year, the firm posted ($0.45) earnings per share. The business’s revenue was down 46.0% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -2.28 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 18.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 38,907 shares of the oil and gas company’s stock valued at $277,000 after purchasing an additional 6,062 shares during the last quarter. Virginia Retirement Systems ET AL grew its stake in shares of Patterson-UTI Energy by 5.2% in the first quarter. Virginia Retirement Systems ET AL now owns 123,600 shares of the oil and gas company’s stock valued at $881,000 after buying an additional 6,100 shares in the last quarter. KBC Group NV lifted its stake in Patterson-UTI Energy by 24.3% during the 1st quarter. KBC Group NV now owns 100,399 shares of the oil and gas company’s stock worth $716,000 after acquiring an additional 19,615 shares in the last quarter. Norges Bank purchased a new stake in Patterson-UTI Energy during the fourth quarter worth about $12,842,000. Finally, UBS Asset Management Americas Inc. increased its stake in Patterson-UTI Energy by 0.9% during the 4th quarter. UBS Asset Management Americas Inc. now owns 251,421 shares of the oil and gas company’s stock worth $1,322,000 after buying an additional 2,221 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy (NASDAQ:PTEN)

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 Services 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, and West Virginia.

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