Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to Post FY2024 Earnings of $0.63 Per Share, Zacks Research Forecasts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Zacks Research lowered their FY2024 earnings estimates for Patterson-UTI Energy in a report issued on Thursday, March 28th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings of $0.63 per share for the year, down from their previous estimate of $0.64. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.67 per share. Zacks Research also issued estimates for Patterson-UTI Energy's Q4 2024 earnings at $0.17 EPS.

Several other equities analysts also recently commented on the stock. Benchmark downgraded shares of Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, February 16th. StockNews.com upgraded Patterson-UTI Energy from a "sell" rating to a "hold" rating in a report on Monday. Raymond James decreased their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a "strong-buy" rating for the company in a research report on Friday, February 16th. Finally, The Goldman Sachs Group assumed coverage on shares of Patterson-UTI Energy in a report on Tuesday, December 19th. They issued a "neutral" rating and a $12.00 price target on the stock. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and an average target price of $16.33.

Patterson-UTI Energy Trading Down 0.9 %

NASDAQ PTEN traded down $0.11 on Friday, hitting $11.94. 11,047,933 shares of the stock were exchanged, compared to its average volume of 6,261,620. Patterson-UTI Energy has a 52-week low of $9.70 and a 52-week high of $16.17. The firm has a market capitalization of $4.87 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.17 and a beta of 2.22. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The stock has a fifty day moving average price of $11.34 and a two-hundred day moving average price of $11.95.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy's payout ratio is currently 31.68%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company's stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares of the company's stock, valued at $29,011,093.47. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company's stock worth $486,449,000 after buying an additional 1,847,468 shares during the last quarter. BlackRock Inc. lifted its position in Patterson-UTI Energy by 1.4% during the first quarter. BlackRock Inc. now owns 35,469,236 shares of the oil and gas company's stock valued at $549,064,000 after purchasing an additional 476,464 shares during the period. Blackstone Inc. purchased a new stake in Patterson-UTI Energy in the third quarter valued at $483,016,000. Cerberus Capital Management L.P. acquired a new stake in Patterson-UTI Energy during the 3rd quarter worth about $188,486,000. Finally, Macquarie Group Ltd. grew its position in Patterson-UTI Energy by 1.6% during the 2nd quarter. Macquarie Group Ltd. now owns 13,463,553 shares of the oil and gas company's stock worth $212,186,000 after purchasing an additional 215,120 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.