Patterson-UTI Energy, Inc. to Post Q1 2024 Earnings of $0.12 Per Share, Zacks Research Forecasts (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research dropped their Q1 2024 earnings per share estimates for Patterson-UTI Energy in a research note issued to investors on Wednesday, April 24th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.12 for the quarter, down from their prior estimate of $0.13. 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 Q2 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.55 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.17 EPS and Q3 2025 earnings at $0.28 EPS.

Other analysts have also issued reports about the company. Bank of America dropped their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Finally, Susquehanna restated a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Stock Down 2.3 %

Shares of PTEN stock opened at $11.26 on Thursday. The stock’s 50-day simple moving average is $11.75 and its 200-day simple moving average is $11.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The firm has a market capitalization of $4.54 billion, a PE ratio of 11.15, a P/E/G ratio of 1.68 and a beta of 2.21. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17.

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

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $25,000. Fortitude Family Office LLC lifted its stake in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares in the last quarter. CWM LLC lifted its stake in Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in Patterson-UTI Energy in the 4th quarter valued at approximately $40,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated 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 completion of the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Dividend Announcement

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

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.