Zacks Research Issues Negative Estimate for PTEN Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Zacks Research reduced their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Thursday, October 17th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will earn $0.02 per share for the quarter, down from their prior forecast of $0.05. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.28 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.01 EPS, Q1 2026 earnings at ($0.01) EPS and Q2 2026 earnings at $0.07 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion.

Several other research firms have also commented on PTEN. Piper Sandler decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Royal Bank of Canada lowered their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Bank of America lowered their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.54.

Patterson-UTI Energy Stock Performance

PTEN opened at $7.97 on Friday. The stock’s 50 day simple moving average is $8.47 and its 200 day simple moving average is $9.91. The stock has a market cap of $3.20 billion, a P/E ratio of 11.72 and a beta of 2.12. Patterson-UTI Energy has a 1-year low of $7.45 and a 1-year high of $14.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.02%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. AlphaMark Advisors LLC purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $272,000. nVerses Capital LLC acquired a new position in shares of Patterson-UTI Energy during the third quarter worth about $75,000. Creative Planning lifted its stake in shares of Patterson-UTI Energy by 101.4% during the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock worth $996,000 after purchasing an additional 65,570 shares in the last quarter. Viking Fund Management LLC boosted its position in shares of Patterson-UTI Energy by 10.0% in the third quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company’s stock worth $842,000 after buying an additional 10,000 shares during the period. Finally, Somerset Trust Co acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $118,000. 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.