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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Zacks Research dropped their Q3 2024 earnings estimates for shares of Patterson-UTI Energy in a research report issued on Wednesday, April 24th. Zacks Research analyst N. Choudhury now anticipates 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.

Several other research firms have also issued reports on PTEN. Benchmark lowered 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 issued a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. Raymond James reduced 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 reduced their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $11.26 on Friday. The company has a 50-day moving average price of $11.75 and a 200-day moving average price of $11.61. The firm has a market capitalization of $4.54 billion, a P/E ratio of 11.15, a PEG ratio of 1.69 and a beta of 2.21. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

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

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. Blackstone Inc. purchased a new position in shares of Patterson-UTI Energy during the third quarter valued at $483,016,000. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 74.9% during the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock valued at $597,807,000 after purchasing an additional 18,495,822 shares in the last quarter. Cerberus Capital Management L.P. bought a new stake in Patterson-UTI Energy during the third quarter valued at about $188,486,000. FMR LLC boosted its position in Patterson-UTI Energy by 21,195.0% during the third quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after purchasing an additional 11,600,658 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Patterson-UTI Energy by 397.2% during the third quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock valued at $81,420,000 after purchasing an additional 4,699,682 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction 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 in the company, valued at $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders 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 dividend on an annualized basis and a yield of 2.84%. Patterson-UTI Energy’s payout ratio is 31.68%.

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.