Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to Post Q1 2024 Earnings of $0.12 Per Share, Zacks Research Forecasts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research lowered their Q1 2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Wednesday, April 24th. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will post earnings of $0.12 per share for the quarter, down from their prior forecast of $0.13. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.60 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q2 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.55 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.17 EPS and Q3 2025 earnings at $0.28 EPS.

A number of other brokerages have also recently commented on PTEN. Bank of America dropped their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Susquehanna reaffirmed a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Finally, StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.17.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $11.25 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average price is $11.73 and its 200-day moving average price is $11.59. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The stock has a market cap of $4.54 billion, a P/E ratio of 11.14, a P/E/G ratio of 1.69 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.50 billion.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.84%. Patterson-UTI Energy’s dividend payout ratio (DPR) is 31.68%.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC increased its stake in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 791 shares in the last quarter. Commerce Bank boosted its holdings in Patterson-UTI Energy by 4.7% in the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after buying an additional 1,186 shares during the period. Lindbrook Capital LLC boosted its holdings in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,332 shares during the period. Clarus Group Inc. boosted its holdings in Patterson-UTI Energy by 3.4% in the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock worth $498,000 after buying an additional 1,500 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Patterson-UTI Energy by 1.5% in the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after buying an additional 1,506 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.