Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to Post Q3 2024 Earnings of $0.01 Per Share, Atb Cap Markets Forecasts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Atb Cap Markets cut their Q3 2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a report released on Wednesday, September 4th. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will post earnings per share of $0.01 for the quarter, down from their prior forecast of $0.03. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.33 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q2 2025 earnings at $0.08 EPS and Q2 2026 earnings at $0.19 EPS.

A number of other research firms have also recently issued reports on PTEN. Bank of America decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Barclays cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Piper Sandler cut their price target on shares of 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, Susquehanna reduced their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.29.

Patterson-UTI Energy Stock Down 1.6 %

PTEN stock opened at $8.20 on Thursday. 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 has a 52 week low of $8.15 and a 52 week high of $16.17. The stock has a market capitalization of $3.22 billion, a PE ratio of 12.06 and a beta of 2.13. The firm has a 50 day moving average of $9.61 and a 200 day moving average of $10.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.90%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC increased its stake in Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Lindbrook Capital LLC raised 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 last quarter. Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy in the 4th quarter valued at $40,000. Finally, CWM LLC grew its holdings in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares in the last quarter. Institutional investors and hedge funds 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.