Zacks Research Equities Analysts Decrease Earnings Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Zacks Research reduced their Q1 2024 earnings per share estimates for 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 earn $0.12 per share for the quarter, down from their previous estimate of $0.13. 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 Q2 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.55 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.17 EPS and Q3 2025 earnings at $0.28 EPS.

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

A number of other equities research analysts also recently issued reports on PTEN. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Raymond James reduced their price target on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. Susquehanna reaffirmed a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Finally, Evercore ISI reduced their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Trading Down 0.6 %

Shares of NASDAQ:PTEN opened at $11.53 on Thursday. The company has a market capitalization of $4.65 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.68 and a beta of 2.21. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The business’s 50 day simple moving average is $11.75 and its 200 day simple moving average is $11.61.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth about $25,000. Fortitude Family Office LLC grew its stake in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares during the period. CWM LLC grew its stake in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at about $40,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 2,594 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s dividend payout ratio is currently 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.