What is Atb Cap Markets’ Estimate for PTEN FY2024 Earnings?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities research analysts at Atb Cap Markets lowered their FY2024 earnings estimates for shares of Patterson-UTI Energy in a report issued on Thursday, October 24th. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will earn $0.08 per share for the year, down from their previous estimate of $0.11. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.18 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q3 2025 earnings at $0.04 EPS.

PTEN has been the topic of several other research reports. 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 note on Friday, October 11th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. Piper Sandler reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Raymond James dropped 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.96.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $8.17 on Monday. The business’s 50-day simple moving average is $8.35 and its two-hundred day simple moving average is $9.70. Patterson-UTI Energy has a 52 week low of $7.45 and a 52 week high of $13.29. The stock has a market cap of $3.21 billion, a PE ratio of 26.35 and a beta of 2.12. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently 103.23%.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $152,265,000. Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the second quarter valued at $51,800,000. American Century Companies Inc. boosted its stake in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after purchasing an additional 2,191,330 shares during the period. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $24,116,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 2,744.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the period. 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.