Patterson-UTI Energy Stock To Go Ex-dividend Tomorrow (PTEN)

NEW YORK ( TheStreet) -- The ex-dividend date for Patterson-UTI Energy (Nasdaq: PTEN) is tomorrow, March 13, 2012. Owners of shares as of market close today will be eligible for a dividend of 5 cents per share. At a price of $18.82 as of 9:30 a.m. ET, the dividend yield is 1.1%.

The average volume for Patterson-UTI Energy has been 4.1 million shares per day over the past 30 days. Patterson-UTI Energy has a market cap of $2.99 billion and is part of the basic materials sector and energy industry. Shares are down 5.4% year to date as of the close of trading on Friday.

Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas exploration and production companies in the United States and Canada. The company has a P/E ratio of 9.2, below the average energy industry P/E ratio of 10.4 and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Patterson-UTI Energy as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full Patterson-UTI Energy Ratings Report.

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