PTEN Looks To Improve Shareholder Returns
Patterson-UTI Energy (PTEN) owns and operates onshore drilling rigs and a fleet of pressure pumping equipment in North America. Given the lack of growth in the drilling activity, the company now emphasizes combining a regular dividend payment with an enhanced share repurchase plan. The strategy can protect the stock price from a steep fall. The company's balance sheet is not overly leveraged, which can be useful if the energy market deteriorates. Until growth recovers, the stock will offer limited returns.
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