Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Equities researchers at Atb Cap Markets dropped their Q2 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research report issued to clients and investors on Sunday, April 7th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will post earnings per share of $0.11 for the quarter, down from their previous forecast of $0.15. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.65 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy's Q3 2024 earnings at $0.15 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.26 EPS, Q3 2025 earnings at $0.30 EPS, Q4 2025 earnings at $0.31 EPS, FY2025 earnings at $1.07 EPS, Q1 2026 earnings at $0.32 EPS and FY2026 earnings at $1.30 EPS.
Several other analysts have also recently commented on PTEN. The Goldman Sachs Group initiated coverage on Patterson-UTI Energy in a research report on Tuesday, December 19th. They issued a "neutral" rating and a $12.00 target price for the company. Raymond James cut their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a "strong-buy" rating for the company in a report on Friday, February 16th. Evercore ISI cut their price objective on Patterson-UTI Energy from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Tuesday, February 20th. Benchmark lowered Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. Finally, Royal Bank of Canada cut their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.33.
Check Out Our Latest Stock Report on Patterson-UTI Energy
Patterson-UTI Energy Stock Up 0.7 %
Shares of Patterson-UTI Energy stock traded up $0.09 during midday trading on Wednesday, hitting $12.11. The company's stock had a trading volume of 3,739,327 shares, compared to its average volume of 6,672,148. The firm has a market capitalization of $4.94 billion, a P/E ratio of 11.84, a PEG ratio of 1.21 and a beta of 2.21. The stock has a 50-day simple moving average of $11.54 and a 200-day simple moving average of $11.75. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $16.17.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%.
Hedge Funds Weigh In On Patterson-UTI Energy
Institutional investors have recently made changes to their positions in the business. WBI Investments Inc. bought a new position in shares of Patterson-UTI Energy in the third quarter worth about $1,610,000. Raymond James & Associates grew its position in Patterson-UTI Energy by 22.2% during the fourth quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company's stock worth $6,836,000 after buying an additional 114,868 shares in the last quarter. Walleye Trading LLC acquired a new stake in Patterson-UTI Energy during the third quarter worth about $2,830,000. Vaughan Nelson Investment Management L.P. grew its position in Patterson-UTI Energy by 20.0% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,559,482 shares of the oil and gas company's stock worth $35,424,000 after buying an additional 425,975 shares in the last quarter. Finally, Swiss National Bank grew its position in Patterson-UTI Energy by 73.1% during the third quarter. Swiss National Bank now owns 784,788 shares of the oil and gas company's stock worth $10,861,000 after buying an additional 331,488 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Patterson-UTI Energy
In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.40% of the company's stock.
Patterson-UTI Energy Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.32 annualized dividend and a yield of 2.64%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently 31.68%.
About Patterson-UTI Energy
(
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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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