PTEN FY2024 EPS Estimate Lowered by Capital One Financial

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Stock analysts at Capital One Financial decreased their FY2024 EPS estimates for Patterson-UTI Energy in a research report issued to clients and investors 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 forecast 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.

PTEN has been the topic of a number of other reports. Raymond James decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research note on Friday, October 25th. Barclays lowered their price target on shares of 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. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a research note on Friday, October 11th. Royal Bank of Canada dropped their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Finally, StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $11.88.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.13 on Thursday. The business's 50 day moving average is $8.08 and its two-hundred day moving average is $9.31. Patterson-UTI Energy has a 12-month low of $7.38 and a 12-month high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC boosted its holdings in Patterson-UTI Energy by 119.5% in the 2nd 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 period. Massmutual Trust Co. FSB ADV grew its holdings in Patterson-UTI Energy by 250.4% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 3,087 shares in the last quarter. CWM LLC increased its stake in Patterson-UTI Energy by 49.9% during the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after buying an additional 2,012 shares during the period. Covestor Ltd lifted its holdings in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after buying an additional 3,307 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Patterson-UTI Energy by 263.3% in the 2nd quarter. Blue Trust Inc. now owns 7,597 shares of the oil and gas company's stock valued at $79,000 after buying an additional 5,506 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.94%. Patterson-UTI Energy's dividend payout ratio (DPR) 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.

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