What is Zacks Research's Forecast for PTEN FY2024 Earnings?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Research analysts at Zacks Research dropped their FY2024 EPS estimates for shares of Patterson-UTI Energy in a research report issued on Monday, December 2nd. Zacks Research analyst N. Choudhury now expects that the oil and gas company will earn $0.10 per share for the year, down from their previous forecast of $0.12. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.11 per share.

Several other research analysts have also recently issued reports on the stock. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, October 11th. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Morgan Stanley decreased their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. Barclays decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Wednesday, October 16th. Finally, ATB Capital decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.88.

Patterson-UTI Energy Stock Down 0.1 %

Patterson-UTI Energy stock traded down $0.01 during midday trading on Wednesday, hitting $8.19. 7,119,582 shares of the company's stock were exchanged, compared to its average volume of 7,192,518. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy has a 12 month low of $7.38 and a 12 month high of $12.65. The firm has a 50-day moving average of $8.11 and a two-hundred day moving average of $9.14. The company has a market cap of $3.19 billion, a PE ratio of -3.74 and a beta of 2.12.

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 issued a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.91%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. increased its holdings in Patterson-UTI Energy by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company's stock worth $33,791,000 after buying an additional 197,555 shares during the period. Stanley Laman Group Ltd. increased its holdings in Patterson-UTI Energy by 30.8% in the 2nd quarter. Stanley Laman Group Ltd. now owns 298,544 shares of the oil and gas company's stock worth $3,093,000 after buying an additional 70,229 shares during the period. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $495,000. Grace & White Inc. NY increased its holdings in Patterson-UTI Energy by 668.6% in the 3rd quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company's stock worth $2,140,000 after buying an additional 243,368 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company's stock worth $17,052,000 after buying an additional 1,588,067 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

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.