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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities research analysts at Zacks Research decreased their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a research note 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.

A number of other equities research analysts also recently commented on PTEN. Susquehanna reissued a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Raymond James dropped their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. Bank of America dropped their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Finally, Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Trading Down 0.1 %

Shares of NASDAQ:PTEN opened at $11.25 on Friday. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The company’s 50 day moving average is $11.73 and its two-hundred day moving average is $11.59. 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 company has a market cap of $4.54 billion, a PE ratio of 11.14, a P/E/G ratio of 1.69 and a beta of 2.21.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.50 billion.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid 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 is currently 31.68%.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The shares were 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 owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

A number of large investors have recently bought and sold shares of the business. CWM LLC boosted its stake in Patterson-UTI Energy by 40.9% during the 3rd 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 period. Commerce Bank boosted its stake in Patterson-UTI Energy by 4.7% during the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after purchasing an additional 1,186 shares during the period. Lindbrook Capital LLC boosted its stake in Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the period. Clarus Group Inc. boosted its stake in Patterson-UTI Energy by 3.4% during the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock worth $498,000 after purchasing an additional 1,500 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Patterson-UTI Energy by 1.5% in the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after acquiring an additional 1,506 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.