Zacks Research Has Negative Outlook for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Zacks Research cut their FY2024 EPS estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Monday, December 2nd. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.10 for the year, down from their prior forecast of $0.12. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.11 per share.

Other analysts have also recently issued reports about the stock. Citigroup decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Stifel Nicolaus decreased 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 research note on Friday, October 11th. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Finally, Barclays decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Down 0.1 %

PTEN stock opened at $8.19 on Wednesday. The firm has a 50 day moving average of $8.11 and a 200 day moving average of $9.14. The stock has a market capitalization of $3.19 billion, a PE ratio of -3.74 and a beta of 2.12. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 52 week low of $7.38 and a 52 week high of $12.65.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Price T Rowe Associates Inc. MD increased its holdings in Patterson-UTI Energy by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company’s stock worth $2,428,000 after acquiring an additional 12,841 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Patterson-UTI Energy by 17.1% in the 1st quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company’s stock worth $2,195,000 after acquiring an additional 26,916 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Patterson-UTI Energy by 311.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 146,095 shares of the oil and gas company’s stock worth $1,514,000 after acquiring an additional 110,581 shares in the last quarter. CWM LLC boosted its stake in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Patterson-UTI Energy by 18.0% during the 2nd quarter. SG Americas Securities LLC now owns 49,573 shares of the oil and gas company’s stock worth $514,000 after purchasing an additional 7,567 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is presently -14.61%.

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.