FY2024 EPS Estimate for Patterson-UTI Energy Cut by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a report released on Monday, December 2nd. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will earn $0.10 per share for the year, down from their prior forecast of $0.12. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.11 per share.

Other analysts also recently issued reports about the company. Susquehanna reduced their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. ATB Capital reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Morgan Stanley dropped their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Barclays dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Stock Down 1.6 %

PTEN opened at $8.20 on Wednesday. The business’s fifty day moving average is $8.12 and its two-hundred day moving average is $9.16. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -3.74 and a beta of 2.12. Patterson-UTI Energy has a one year low of $7.38 and a one year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of PTEN. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy in the second quarter worth $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $51,800,000. American Century Companies Inc. grew its stake in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares in the last quarter. ARGA Investment Management LP increased its holdings in Patterson-UTI Energy by 1,066.6% in the third quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after buying an additional 1,792,655 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Patterson-UTI Energy by 2,744.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after acquiring an additional 1,588,067 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.