Q3 2024 EPS Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Cut by Zacks Research

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Zacks Research lowered their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a research note issued on Wednesday, April 24th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings of $0.16 per share for the quarter, down from their prior estimate of $0.19. 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 Q4 2025 earnings at $0.20 EPS, FY2025 earnings at $0.80 EPS and FY2026 earnings at $1.19 EPS.

PTEN has been the subject of several other reports. Bank of America reduced their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday, April 15th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Susquehanna reissued a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Finally, Evercore ISI dropped their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Trading Down 0.1 %

NASDAQ:PTEN opened at $11.25 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 1.69 and a beta of 2.21. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The business has a fifty day moving average price of $11.73 and a 200-day moving average price of $11.59.

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

Patterson-UTI Energy Announces Dividend

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the stock. Capital Advisors Ltd. LLC purchased a new position in shares of Patterson-UTI Energy during the third quarter worth approximately $25,000. Fortitude Family Office LLC increased its position in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,594 shares during the period. CWM LLC increased its position in shares of Patterson-UTI Energy by 40.9% during the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 791 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 2,594 shares during the period. Finally, Lindbrook Capital LLC increased its position in shares of Patterson-UTI Energy by 350.7% during the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 2,539 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

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.