FY2024 Earnings Forecast for PTEN Issued By Zacks Research

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a report released on Wednesday, November 6th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will earn $0.12 per share for the year, down from their previous estimate of $0.20. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.12 per share.

Several other equities analysts also recently commented on PTEN. Susquehanna decreased their target price 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. Royal Bank of Canada cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Morgan Stanley cut 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. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Raymond James cut their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $8.30 on Monday. The business’s 50 day moving average price is $8.09 and its two-hundred day moving average price is $9.45. The company has a market cap of $3.24 billion, a PE ratio of -3.79 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a twelve month low of $7.38 and a twelve month high of $12.65.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of PTEN. Norden Group LLC bought a new position in Patterson-UTI Energy during the 1st quarter worth $121,000. Texas Permanent School Fund Corp increased its position in Patterson-UTI Energy by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 281,205 shares of the oil and gas company’s stock valued at $3,358,000 after buying an additional 3,653 shares in the last quarter. SG Americas Securities LLC bought a new stake in Patterson-UTI Energy in the 1st quarter valued at about $502,000. Swiss National Bank increased its position in Patterson-UTI Energy by 5.7% in the 1st quarter. Swiss National Bank now owns 741,588 shares of the oil and gas company’s stock valued at $8,855,000 after buying an additional 40,200 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new stake in Patterson-UTI Energy in the 1st quarter valued at about $298,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

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.