Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expected to Earn Q4 2024 Earnings of ($0.04) Per Share

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Analysts at Atb Cap Markets dropped their Q4 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research note issued to investors on Wednesday, September 4th. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will earn ($0.04) per share for the quarter, down from their prior forecast of $0.01. 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 Q1 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.14 EPS, FY2025 earnings at $0.39 EPS, Q1 2026 earnings at $0.17 EPS and FY2026 earnings at $0.73 EPS.

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

PTEN has been the topic of a number of other research reports. Susquehanna cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating on the stock in a research report on Thursday, July 11th. Royal Bank of Canada decreased their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating for the company in a research note on Friday, July 26th. Barclays cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Friday, August 16th. Bank of America decreased their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research note on Monday, July 15th. Finally, ATB Capital reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $14.29.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.13 during trading on Friday, hitting $8.20. 6,651,452 shares of the company's stock traded hands, compared to its average volume of 6,851,257. The business has a fifty day simple moving average of $9.61 and a 200 day simple moving average of $10.64. Patterson-UTI Energy has a 52 week low of $8.15 and a 52 week high of $16.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 12.06 and a beta of 2.13.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC lifted its holdings in Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Patterson-UTI Energy by 119.5% during the second 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. Lindbrook Capital LLC raised its position in shares of Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock valued at $40,000 after buying an additional 1,332 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $40,000. Finally, CWM LLC boosted its position in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock worth $48,000 after acquiring an additional 893 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders 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 dividend on an annualized basis and a yield of 3.90%. Patterson-UTI Energy's dividend payout ratio is currently 47.06%.

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.