Research Analysts Set Expectations for Patterson-UTI Energy, Inc.'s Q1 2024 Earnings (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Equities researchers at Zacks Research decreased their Q1 2024 earnings estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Wednesday, April 24th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.12 for the quarter, down from their prior forecast of $0.13. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.60 per share. Zacks Research also issued estimates for Patterson-UTI Energy's Q2 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.55 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.17 EPS and Q3 2025 earnings at $0.28 EPS.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.50 billion.

Other research analysts have also issued research reports about the stock. Benchmark lowered shares of Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Tuesday, April 2nd. Bank of America lowered their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a report on Monday, April 15th. Evercore ISI lowered their price target on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an "outperform" rating for the company in a report on Tuesday, February 20th. Finally, Royal Bank of Canada lowered their price target on shares of 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 research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $16.17.

Patterson-UTI Energy Trading Down 2.3 %

Patterson-UTI Energy stock traded down $0.27 during mid-day trading on Thursday, hitting $11.26. 5,560,434 shares of the stock were exchanged, compared to its average volume of 6,526,500. 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 12 month low of $9.70 and a 12 month high of $16.17. The firm's fifty day simple moving average is $11.75 and its two-hundred day simple moving average is $11.61. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.68 and a beta of 2.21.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.84%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy's payout ratio is currently 31.68%.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company's stock, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently bought and sold shares of PTEN. CWM LLC boosted its holdings in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company's stock worth $38,000 after acquiring an additional 791 shares during the last quarter. SG Americas Securities LLC purchased a new position in Patterson-UTI Energy during the 3rd quarter worth $128,000. State of Alaska Department of Revenue boosted its holdings in Patterson-UTI Energy by 45.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 199,563 shares of the oil and gas company's stock worth $2,761,000 after acquiring an additional 62,542 shares during the last quarter. Simplicity Solutions LLC boosted its holdings in Patterson-UTI Energy by 38.2% during the 3rd quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company's stock worth $228,000 after acquiring an additional 4,562 shares during the last quarter. Finally, Arcadia Investment Management Corp MI boosted its holdings in Patterson-UTI Energy by 2,789.1% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 174,793 shares of the oil and gas company's stock worth $2,419,000 after acquiring an additional 168,743 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

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.