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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research reduced their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a research note issued to investors on Wednesday, April 24th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will earn $0.16 per share for the quarter, down from their previous forecast 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.

A number of other research firms have also weighed in on PTEN. Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Raymond James decreased their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Bank of America decreased their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Royal Bank of Canada decreased their price objective 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. Finally, Evercore ISI dropped their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have issued 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.17.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $11.25 on Friday. The stock’s 50-day moving average is $11.73 and its 200-day moving average is $11.58. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The stock has a market cap of $4.54 billion, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 1.65 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion.

Patterson-UTI Energy Announces Dividend

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

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC boosted its holdings in 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 purchasing an additional 791 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $128,000. State of Alaska Department of Revenue boosted its stake in shares of Patterson-UTI Energy by 45.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 199,563 shares of the oil and gas company’s stock worth $2,761,000 after buying an additional 62,542 shares during the last quarter. Simplicity Solutions LLC boosted its stake in shares of Patterson-UTI Energy by 38.2% in the 3rd quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company’s stock worth $228,000 after buying an additional 4,562 shares during the last quarter. Finally, Arcadia Investment Management Corp MI grew its holdings in shares of Patterson-UTI Energy by 2,789.1% in the third quarter. Arcadia Investment Management Corp MI now owns 174,793 shares of the oil and gas company’s stock valued at $2,419,000 after acquiring an additional 168,743 shares in the last quarter. Hedge funds and other institutional investors 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.