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) – Investment analysts at Zacks Research dropped their Q1 2024 earnings estimates for Patterson-UTI Energy in a report released on Wednesday, April 24th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings per share of $0.12 for the quarter, down from their previous 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.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion.

A number of other research firms also recently issued reports on PTEN. Susquehanna restated a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Evercore ISI lowered their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Raymond James lowered their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Finally, Royal Bank of Canada decreased their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Stock Down 2.3 %

PTEN opened at $11.26 on Thursday. The firm’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. Patterson-UTI Energy has a twelve month low of $9.70 and a twelve month high of $16.17. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.68 and a beta of 2.21.

Patterson-UTI Energy Announces Dividend

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

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s 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 transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of PTEN. Lindbrook Capital LLC grew 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 purchasing an additional 1,332 shares during the period. New York State Teachers Retirement System lifted its holdings in Patterson-UTI Energy by 12.3% during the 1st quarter. New York State Teachers Retirement System now owns 400,232 shares of the oil and gas company’s stock worth $4,779,000 after purchasing an additional 43,839 shares in the last quarter. Grace & White Inc. NY lifted its holdings in Patterson-UTI Energy by 28.2% during the 1st quarter. Grace & White Inc. NY now owns 36,400 shares of the oil and gas company’s stock worth $435,000 after purchasing an additional 8,000 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in Patterson-UTI Energy during the 1st quarter worth about $218,000. Finally, Seven Grand Managers LLC purchased a new stake in Patterson-UTI Energy during the 1st quarter worth about $2,388,000. Institutional investors own 97.91% of the company’s stock.

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.