Patterson-UTI Energy, Inc. Expected to Earn Q2 2024 Earnings of $0.05 Per Share (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Zacks Research dropped their Q2 2024 EPS estimates for Patterson-UTI Energy in a report released on Wednesday, May 22nd. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will earn $0.05 per share for the quarter, down from their prior forecast of $0.08. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.56 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.12 EPS, Q3 2025 earnings at $0.24 EPS, Q4 2025 earnings at $0.17 EPS, FY2025 earnings at $0.67 EPS, Q1 2026 earnings at $0.16 EPS and FY2026 earnings at $1.03 EPS.

Several other equities research analysts have also issued reports on PTEN. Raymond James lowered their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Bank of America reduced their price objective on shares of 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. Susquehanna restated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Finally, Evercore ISI cut their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.67.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $10.74 on Thursday. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The stock has a market capitalization of $4.31 billion, a P/E ratio of 15.79, a PEG ratio of 1.81 and a beta of 2.23. The firm has a fifty day simple moving average of $11.46 and a two-hundred day simple moving average of $11.29. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period last year, the company posted $0.46 earnings per share.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.98%. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s 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 transaction, 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 legal filing with the SEC, which is available through the SEC website. In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now 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 SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. CWM LLC lifted its stake in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. Commerce Bank lifted its stake in Patterson-UTI Energy by 4.7% during the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after purchasing an additional 1,186 shares during the last quarter. Lindbrook Capital LLC lifted its stake in Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Clarus Group Inc. lifted its stake in Patterson-UTI Energy by 3.4% during the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock worth $498,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Patterson-UTI Energy by 1.5% in the fourth 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. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.