Zacks Research Has Bearish Outlook for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Stock analysts at Zacks Research lowered their FY2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued to investors on Wednesday, November 6th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.12 for the year, down from their previous estimate of $0.20. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.12 per share.

A number of other brokerages have also commented on PTEN. Bank of America decreased their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research report on Monday, July 15th. Royal Bank of Canada dropped their price objective on shares of 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. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Susquehanna dropped their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research note on Friday, October 11th. Finally, ATB Capital reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy has an average rating of "Moderate Buy" and an average target price of $11.88.

Patterson-UTI Energy Trading Up 4.8 %

Shares of PTEN traded up $0.40 during midday trading on Monday, hitting $8.70. The stock had a trading volume of 8,426,823 shares, compared to its average volume of 7,240,676. The business has a 50-day simple moving average of $8.09 and a two-hundred day simple moving average of $9.45. The firm has a market cap of $3.39 billion, a P/E ratio of -3.79 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a fifty-two week low of $7.38 and a fifty-two week high of $12.65.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after buying an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 3,087 shares during the last quarter. Covestor Ltd boosted its position in shares of Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock valued at $53,000 after buying an additional 3,307 shares during the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock valued at $63,000 after buying an additional 2,012 shares during the period. Finally, Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock valued at $73,000 after buying an additional 1,901 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's dividend payout ratio is currently -14.61%.

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.