Q3 EPS Estimate for Patterson-UTI Energy Lowered by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Zacks Research cut their Q3 2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued to investors on Thursday, October 17th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings of $0.02 per share for the quarter, down from their previous forecast of $0.05. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.22 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.01 EPS, Q1 2026 earnings at ($0.01) EPS and Q2 2026 earnings at $0.07 EPS.

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

PTEN has been the topic of a number of other research reports. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Morgan Stanley reduced their price objective 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. ATB Capital lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Piper Sandler reduced 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 research note on Monday, July 15th. Finally, Citigroup decreased their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $12.54.

Patterson-UTI Energy Trading Up 0.1 %

PTEN opened at $7.98 on Friday. The stock has a market capitalization of $3.14 billion, a PE ratio of 25.74 and a beta of 2.12. Patterson-UTI Energy has a one year low of $7.45 and a one year high of $14.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The business’s 50 day moving average price is $8.45 and its 200 day moving average price is $9.88.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.01%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s payout ratio is currently 103.23%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Patterson-UTI Energy in the fourth quarter valued at $426,000. CWM LLC raised its stake in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 893 shares in the last quarter. Fortitude Family Office LLC lifted its holdings 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 during the last quarter. Finally, ARGA Investment Management LP acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth about $1,391,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.