Q2 2024 EPS Estimates for Patterson-UTI Energy, Inc. Decreased by Atb Cap Markets (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Atb Cap Markets dropped their Q2 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research report issued to clients and investors on Thursday, May 2nd. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will post earnings per share of $0.06 for the quarter, down from their previous forecast of $0.11. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.59 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.12 EPS, FY2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.17 EPS, Q2 2025 earnings at $0.23 EPS, Q3 2025 earnings at $0.28 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $0.97 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. During the same quarter in the prior year, the firm posted $0.46 EPS.

Several other equities research analysts have also issued reports on PTEN. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Evercore ISI cut their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Raymond James decreased their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Friday, February 16th. Finally, Royal Bank of Canada cut their target price 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $15.67.

Patterson-UTI Energy Stock Up 0.3 %

PTEN stock opened at $11.00 on Monday. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The firm’s fifty day moving average is $11.61 and its 200 day moving average is $11.42. The firm has a market cap of $4.44 billion, a PE ratio of 16.18, a P/E/G ratio of 1.57 and a beta of 2.23.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

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

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in PTEN. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. Blackstone Inc. acquired a new position in shares of Patterson-UTI Energy during the third quarter worth $483,016,000. Cerberus Capital Management L.P. purchased a new position in Patterson-UTI Energy in the third quarter valued at $188,486,000. FMR LLC lifted its holdings in Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock worth $161,311,000 after buying an additional 11,600,658 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Patterson-UTI Energy by 6.5% during the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock worth $91,860,000 after acquiring an additional 519,259 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.