Zacks Research Analysts Reduce Earnings Estimates for PTEN

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Zacks Research cut their Q4 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research note issued on Thursday, October 17th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will earn ($0.02) per share for the quarter, down from their previous forecast of $0.03. 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 FY2025 earnings at $0.15 EPS, Q3 2026 earnings at $0.12 EPS and FY2026 earnings at $0.25 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.41 billion.

Several other research analysts have also issued reports on the stock. Piper Sandler decreased 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 report on Monday, July 15th. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Wednesday, September 4th. Barclays reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. StockNews.com cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Morgan Stanley cut their price objective on 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $7.90 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. The firm’s 50 day moving average is $8.45 and its 200-day moving average is $9.85. Patterson-UTI Energy has a 12-month low of $7.45 and a 12-month high of $13.70. The stock has a market capitalization of $3.17 billion, a P/E ratio of 11.68 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.08 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 4.05%. Patterson-UTI Energy’s payout ratio is 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy during the second quarter valued at $152,265,000. Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $51,800,000. American Century Companies Inc. lifted its holdings in shares of Patterson-UTI Energy by 62.8% during the 2nd 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 buying an additional 2,191,330 shares during the last quarter. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $24,116,000. Finally, Vanguard Group Inc. increased its holdings in Patterson-UTI Energy by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock worth $486,449,000 after buying an additional 1,847,468 shares during the last quarter. Institutional investors and hedge funds 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.