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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research note issued on Wednesday, April 24th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will earn $0.16 per share for the quarter, down from their prior 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.

Several other research analysts also recently commented on PTEN. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Susquehanna restated a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Raymond James reduced their price target 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. Finally, Evercore ISI decreased their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $11.25 on Friday. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 11.14, a P/E/G ratio of 1.65 and a beta of 2.21. The firm’s 50-day moving average price is $11.73 and its two-hundred day moving average price is $11.58. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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 business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion.

Patterson-UTI Energy Dividend Announcement

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

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction dated 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 owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. CWM LLC grew its stake in Patterson-UTI Energy by 40.9% in the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 791 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth about $128,000. State of Alaska Department of Revenue lifted its holdings 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 valued at $2,761,000 after purchasing an additional 62,542 shares in the last quarter. Simplicity Solutions LLC grew its position in shares of Patterson-UTI Energy by 38.2% in the 3rd quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 4,562 shares during the period. Finally, Arcadia Investment Management Corp MI increased its stake in 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 purchasing an additional 168,743 shares in the last quarter. Institutional investors 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.