Research Analysts Set Expectations for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Analysts at Capital One Financial decreased their FY2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a report issued on Wednesday, November 20th. Capital One Financial analyst D. Becker now anticipates that the oil and gas company will earn $0.11 per share for the year, down from their previous estimate of $0.17. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.12 per share. Capital One Financial also issued estimates for Patterson-UTI Energy's Q1 2026 earnings at ($0.02) EPS, Q2 2026 earnings at $0.02 EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at $0.08 EPS.

Several other analysts have also issued reports on the company. Raymond James reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a report on Friday, October 25th. Royal Bank of Canada reduced their price objective on 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. 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. Morgan Stanley reduced their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. Finally, ATB Capital reduced their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN traded up $0.23 during trading hours on Thursday, hitting $8.36. 6,042,596 shares of the company were exchanged, compared to its average volume of 7,198,335. The company has a market cap of $3.26 billion, a price-to-earnings ratio of -3.82 and a beta of 2.12. Patterson-UTI Energy has a fifty-two week low of $7.38 and a fifty-two week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm's fifty day moving average is $8.09 and its 200 day moving average is $9.30.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC raised its position 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 acquiring an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position 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 worth $33,000 after acquiring an additional 3,087 shares during the last quarter. Covestor Ltd raised 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 worth $53,000 after acquiring an additional 3,307 shares during the last quarter. CWM LLC raised its position in shares of 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 worth $63,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of 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 during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy's payout ratio is -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.