Research Analysts Issue Forecasts for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Capital One Financial decreased their FY2024 earnings estimates for Patterson-UTI Energy in a research note issued on Wednesday, November 20th. Capital One Financial analyst D. Becker now anticipates that the oil and gas company will post earnings per share of $0.11 for the year, down from their prior forecast of $0.17. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.12 per share. Capital One Financial also issued estimates for Patterson-UTI Energy’s Q1 2026 earnings at ($0.02) EPS, Q2 2026 earnings at $0.02 EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at $0.08 EPS.

Several other analysts have also issued reports on PTEN. Royal Bank of Canada dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. ATB Capital dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Stifel Nicolaus reduced 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 report on Friday, October 11th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Raymond James reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. One equities 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. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Stock Up 3.8 %

Shares of PTEN stock opened at $8.68 on Thursday. Patterson-UTI Energy has a 52-week low of $7.38 and a 52-week high of $12.65. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -3.96 and a beta of 2.12. The firm’s 50-day moving average is $8.11 and its 200-day moving average is $9.29. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.69%. Patterson-UTI Energy’s payout ratio is -14.61%.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after buying an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in Patterson-UTI Energy during the first quarter worth $990,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after purchasing an additional 100,626 shares in the last quarter. Natixis acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth $617,000. Finally, 1832 Asset Management L.P. lifted its position in shares of Patterson-UTI Energy by 9.5% during the 1st quarter. 1832 Asset Management L.P. now owns 172,949 shares of the oil and gas company’s stock worth $2,065,000 after buying an additional 15,000 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.