Q3 2024 EPS Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Decreased by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a report issued on Wednesday, April 24th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings of $0.16 per share for the quarter, down from their previous estimate of $0.19. 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 Q4 2025 earnings at $0.20 EPS, FY2025 earnings at $0.80 EPS and FY2026 earnings at $1.19 EPS.

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, beating analysts' consensus estimates of $0.18 by $0.01. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion.

Several other analysts also recently weighed in on PTEN. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Tuesday, April 2nd. Evercore ISI cut their price target 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 cut Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. Raymond James dropped their target price 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. Finally, Bank of America reduced their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.17.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN traded down $0.01 during mid-day trading on Friday, hitting $11.25. 5,225,025 shares of the company's stock traded hands, compared to its average volume of 6,510,431. The firm has a 50 day moving average of $11.73 and a two-hundred day moving average of $11.59. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 1.69 and a beta of 2.21. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sage Rhino Capital LLC bought a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $130,000. Lindbrook Capital LLC lifted its stake in Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of Patterson-UTI Energy by 12.3% during the first quarter. New York State Teachers Retirement System now owns 400,232 shares of the oil and gas company's stock worth $4,779,000 after acquiring an additional 43,839 shares in the last quarter. Grace & White Inc. NY lifted its position in shares of Patterson-UTI Energy by 28.2% during the first quarter. Grace & White Inc. NY now owns 36,400 shares of the oil and gas company's stock worth $435,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Simplicity Wealth LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $218,000. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company's stock.

Patterson-UTI Energy Announces Dividend

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

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.