Zacks Research Equities Analysts Decrease Earnings Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Zacks Research dropped their Q1 2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research report issued to clients and 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 forecast 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 research analysts have also issued research reports about the company. Bank of America lowered their price objective 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 objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Raymond James lowered their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. Susquehanna reissued a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.17.

Patterson-UTI Energy Stock Down 0.6 %

PTEN opened at $11.53 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The company has a market capitalization of $4.65 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.68 and a beta of 2.21. The business has a 50-day moving average of $11.75 and a 200-day moving average of $11.61. 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 posted its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.50 billion.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently modified their holdings of PTEN. CWM LLC grew its holdings in shares of 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 in the last quarter. SG Americas Securities LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $128,000. State of Alaska Department of Revenue lifted its position in shares of Patterson-UTI Energy by 45.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 199,563 shares of the oil and gas company’s stock worth $2,761,000 after buying an additional 62,542 shares during the period. Simplicity Solutions LLC lifted its position in shares of Patterson-UTI Energy by 38.2% during the 3rd quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company’s stock worth $228,000 after buying an additional 4,562 shares during the period. Finally, Arcadia Investment Management Corp MI lifted its position in shares of Patterson-UTI Energy by 2,789.1% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 174,793 shares of the oil and gas company’s stock worth $2,419,000 after buying an additional 168,743 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on 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 sale, the director now owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is presently 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.