Q3 2024 EPS Estimates for Patterson-UTI Energy, Inc. Reduced by Zacks Research (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Zacks Research reduced their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a note issued to investors on Wednesday, April 24th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings of $0.16 per share for the quarter, down from their previous estimate of $0.19. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.60 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q4 2025 earnings at $0.20 EPS, FY2025 earnings at $0.80 EPS and FY2026 earnings at $1.19 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%.

A number of other equities research analysts have also issued reports on the stock. Bank of America decreased their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Raymond James reduced their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Finally, Evercore ISI reduced their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Trading Down 2.3 %

Shares of NASDAQ:PTEN opened at $11.26 on Friday. The firm has a fifty day moving average of $11.75 and a two-hundred day moving average of $11.61. The firm has a market capitalization of $4.54 billion, a P/E ratio of 11.15, a price-to-earnings-growth ratio of 1.69 and a beta of 2.21. Patterson-UTI Energy has a 12-month low of $9.70 and a 12-month high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake 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 valued at $486,449,000 after acquiring an additional 1,847,468 shares during the period. Blackstone Inc. bought a new stake in Patterson-UTI Energy in the third quarter valued at about $483,016,000. Cerberus Capital Management L.P. bought a new stake in Patterson-UTI Energy in the third quarter valued at about $188,486,000. FMR LLC increased its stake in Patterson-UTI Energy by 21,195.0% in the third quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after acquiring an additional 11,600,658 shares during the period. Finally, Van ECK Associates Corp increased its stake in Patterson-UTI Energy by 6.5% in the fourth quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock valued at $91,860,000 after acquiring an additional 519,259 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is 31.68%.

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.