Atb Cap Markets Has Negative Outlook of PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Research analysts at Atb Cap Markets reduced their FY2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a report released on Thursday, October 24th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will post earnings per share of $0.08 for the year, down from their prior estimate of $0.11. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.18 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy's Q3 2025 earnings at $0.04 EPS.

A number of other research firms also recently weighed in on PTEN. Citigroup lowered their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating on the stock in a research report on Friday, September 13th. Bank of America reduced their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research note on Monday, July 15th. StockNews.com cut Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. Finally, Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.96.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded down $0.19 during trading hours on Monday, reaching $7.98. 10,733,996 shares of the stock traded hands, compared to its average volume of 7,107,176. The stock has a 50 day simple moving average of $8.32 and a two-hundred day simple moving average of $9.67. Patterson-UTI Energy has a 1 year low of $7.45 and a 1 year high of $13.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.52 and a quick ratio of 1.32. The company has a market cap of $3.14 billion, a price-to-earnings ratio of -3.64 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.01%. Patterson-UTI Energy's payout ratio is presently -14.61%.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co boosted its position in Patterson-UTI Energy by 25.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company's stock valued at $5,931,000 after acquiring an additional 100,626 shares in the last quarter. Vanguard Group Inc. boosted its position in Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock valued at $556,352,000 after acquiring an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd bought a new stake in Patterson-UTI Energy during the 1st quarter valued at approximately $990,000. Natixis bought a new stake in Patterson-UTI Energy during the 1st quarter valued at approximately $617,000. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Patterson-UTI Energy by 6.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company's stock valued at $33,791,000 after acquiring an additional 197,555 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

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.