Atb Cap Markets Weighs in on Patterson-UTI Energy, Inc.'s Q3 2024 Earnings (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Investment analysts at Atb Cap Markets cut their Q3 2024 earnings per share estimates for Patterson-UTI Energy in a research note issued on Wednesday, September 4th. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will post earnings per share of $0.01 for the quarter, down from their previous estimate of $0.03. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.33 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy's Q2 2025 earnings at $0.08 EPS and Q2 2026 earnings at $0.19 EPS.

Several other brokerages have also commented on PTEN. ATB Capital cut their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Wednesday. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Monday, August 5th. Susquehanna lowered their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, July 16th. Finally, Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research report on Monday, July 15th. One equities 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's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.29.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.12 during trading hours on Thursday, hitting $8.33. 5,140,060 shares of the company's stock were exchanged, compared to its average volume of 6,852,424. Patterson-UTI Energy has a fifty-two week low of $8.28 and a fifty-two week high of $16.17. The firm has a market cap of $3.27 billion, a P/E ratio of 12.25 and a beta of 2.13. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $9.65 and a two-hundred day moving average of $10.66.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. Patterson-UTI Energy's payout ratio is 47.06%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at approximately $486,000. Creative Planning lifted its holdings in Patterson-UTI Energy by 32.1% in the second quarter. Creative Planning now owns 64,635 shares of the oil and gas company's stock valued at $670,000 after acquiring an additional 15,696 shares during the last quarter. Algert Global LLC purchased a new position in Patterson-UTI Energy in the second quarter worth approximately $1,386,000. Ninepoint Partners LP acquired a new stake in Patterson-UTI Energy during the second quarter worth $51,800,000. Finally, Susquehanna Fundamental Investments LLC raised its position in Patterson-UTI Energy by 68.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 697,712 shares of the oil and gas company's stock valued at $7,228,000 after purchasing an additional 284,163 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.