Zacks Research Has Pessimistic Outlook of PTEN Q3 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Equities researchers at Zacks Research lowered their Q3 2024 EPS estimates for Patterson-UTI Energy in a report issued on Thursday, October 17th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will earn $0.02 per share for the quarter, down from their prior estimate of $0.05. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.22 per share. Zacks Research also issued estimates for Patterson-UTI Energy's FY2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.01 EPS, Q1 2026 earnings at ($0.01) EPS and Q2 2026 earnings at $0.07 EPS.

A number of other equities analysts also recently commented on PTEN. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Saturday, October 12th. Stifel Nicolaus decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, October 11th. Barclays decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Wednesday. Piper Sandler decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Finally, Royal Bank of Canada decreased their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating for the company in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of "Moderate Buy" and a consensus price target of $12.54.

Patterson-UTI Energy Stock Up 0.1 %

NASDAQ:PTEN traded up $0.01 during mid-day trading on Friday, reaching $7.98. The stock had a trading volume of 13,755,026 shares, compared to its average volume of 6,988,423. The business's 50 day moving average is $8.45 and its 200 day moving average is $9.88. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. The stock has a market cap of $3.14 billion, a P/E ratio of 25.74 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its 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). The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. Blue Trust Inc. raised its stake 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 worth $73,000 after acquiring an additional 1,901 shares in the last quarter. AlphaMark Advisors LLC acquired a new position in Patterson-UTI Energy during the third quarter worth $272,000. nVerses Capital LLC acquired a new position in Patterson-UTI Energy during the third quarter worth $75,000. Creative Planning raised its stake in Patterson-UTI Energy by 101.4% during the third quarter. Creative Planning now owns 130,205 shares of the oil and gas company's stock worth $996,000 after acquiring an additional 65,570 shares in the last quarter. Finally, Viking Fund Management LLC raised its stake in Patterson-UTI Energy by 10.0% during the third quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company's stock worth $842,000 after acquiring an additional 10,000 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.32 annualized dividend and a yield of 4.01%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently 103.23%.

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.