Zacks Research Issues Optimistic Outlook for PTEN Earnings

Key Points

• Zacks Research raised its Q2 2027 EPS forecast for Patterson-UTI Energy to $0.06 from $0.05, while maintaining a Hold rating; it projects FY2028 EPS of $0.44.
• Patterson-UTI reported quarterly EPS of $0.07, above the $0.04 consensus, and revenue of $1.34 billion, up 14.1% year over year and ahead of estimates.
• Analyst sentiment is broadly positive: PTEN has a Moderate Buy consensus rating and a $13.95 consensus price target. The company also declared a quarterly dividend of $0.10 per share, a 3.7% indicated yield.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Equities research analysts at Zacks Research boosted their Q2 2027 earnings per share (EPS) estimates for Patterson-UTI Energy in a research report issued to clients and investors on Wednesday, November 11th. Zacks Research analyst Team now forecasts that the oil and gas company will post earnings per share of $0.06 for the quarter, up from their previous forecast of $0.05. Zacks Research currently has a "Hold" rating on the stock. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.02 per share. Zacks Research also issued estimates for Patterson-UTI Energy's Q3 2027 earnings at $0.06 EPS, Q4 2027 earnings at $0.08 EPS, Q2 2028 earnings at $0.11 EPS, Q3 2028 earnings at $0.11 EPS and FY2028 earnings at $0.44 EPS.

Several other equities analysts have also recently commented on PTEN. Piper Sandler increased their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Tuesday, November 3rd. Weiss Ratings raised shares of Patterson-UTI Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, November 4th. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, October 30th. Wall Street Zen raised shares of Patterson-UTI Energy from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Finally, UBS Group upped their price target on shares of Patterson-UTI Energy from $13.00 to $13.50 and gave the company a "neutral" rating in a report on Friday, October 30th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.95.

Patterson-UTI Energy Price Performance

PTEN stock opened at $10.67 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.73 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy has a 52-week low of $5.24 and a 52-week high of $13.39. The stock's 50 day moving average is $11.58 and its two-hundred day moving average is $10.67. The company has a market capitalization of $4.05 billion, a PE ratio of -177.83 and a beta of 0.79.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business posted ($0.10) earnings per share. Patterson-UTI Energy's revenue for the quarter was up 14.1% on a year-over-year basis.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, December 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -666.67%.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Drummond Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares of the company's stock, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,027,000 shares of company stock worth $12,698,780. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Gabelli Funds LLC lifted its position in shares of Patterson-UTI Energy by 20.0% in the 3rd quarter. Gabelli Funds LLC now owns 120,000 shares of the oil and gas company's stock worth $1,310,000 after buying an additional 20,000 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 85.2% in the 3rd quarter. First Trust Advisors LP now owns 574,203 shares of the oil and gas company's stock valued at $6,270,000 after buying an additional 264,180 shares during the period. Advisors Asset Management Inc. acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $474,000. GW&K Investment Management LLC bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at about $2,485,000. Finally, Public Sector Pension Investment Board grew its position in shares of Patterson-UTI Energy by 37.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,630,884 shares of the oil and gas company's stock valued at $18,649,000 after buying an additional 444,022 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations. The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.