Zacks Research Has Bullish Forecast for PTEN Q1 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Zacks Research lifted their Q1 2028 EPS estimates for Patterson-UTI Energy in a research note issued to investors on Wednesday, July 22nd. Zacks Research analyst Team now anticipates that the oil and gas company will post earnings of $0.09 per share for the quarter, up from their prior forecast of $0.06. Zacks Research has a “Hold” rating on the stock. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is ($0.06) per share.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year.

Several other research firms have also issued reports on PTEN. Susquehanna dropped their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Morgan Stanley lifted their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Stifel Nicolaus upped their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a report on Monday, April 20th. Finally, Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a research report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.15.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $10.34 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The company has a 50-day moving average of $10.66 and a 200-day moving average of $9.82. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of -33.35 and a beta of 0.62.

Insider Activity

In other news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the transaction, the director owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. This trade represents a 21.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock worth $11,922,302 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL bought a new position in Patterson-UTI Energy in the 3rd quarter valued at $2,206,000. SG Americas Securities LLC raised its position in shares of Patterson-UTI Energy by 141.3% during the fourth quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after acquiring an additional 107,638 shares during the last quarter. Prescott Group Capital Management L.L.C. bought a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $1,161,000. Principal Financial Group Inc. lifted its stake in shares of Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after acquiring an additional 4,093,636 shares during the period. Finally, Gagnon Securities LLC lifted its stake in shares of Patterson-UTI Energy by 69.0% during the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after acquiring an additional 144,080 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.