Q1 EPS Estimate for Patterson-UTI Energy Lifted by Analyst

Key Points

• Zacks Research raised its Q1 2028 EPS estimate for Patterson-UTI Energy to $0.06 from $0.05, while maintaining a Hold rating on the stock.
• The company recently beat quarterly expectations, reporting $(0.06) EPS versus the consensus $(0.10), with revenue of $1.12 billion slightly above estimates, though sales fell 12.7% year over year.
• Wall Street remains cautious overall: the stock’s consensus rating is Hold with an average price target of $12.40, despite some recent upgrades from firms like Barclays and KeyCorp.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Stock analysts at Zacks Research upped their Q1 2028 earnings estimates for shares of Patterson-UTI Energy in a research report issued to clients and investors on Friday, June 26th. Zacks Research analyst Team now forecasts that the oil and gas company will earn $0.06 per share for the quarter, up from their previous estimate of $0.05. Zacks Research has a "Hold" rating on the stock. The consensus estimate for Patterson-UTI Energy's current full-year earnings is ($0.14) per share. Zacks Research also issued estimates for Patterson-UTI Energy's FY2028 earnings at $0.13 EPS.

A number of other brokerages also recently commented on PTEN. Morgan Stanley lifted their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. Barclays upgraded Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $10.00 to $15.00 in a report on Thursday, May 7th. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $12.40.

Patterson-UTI Energy Price Performance

PTEN stock opened at $9.59 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The business has a 50 day simple moving average of $11.35 and a 200-day simple moving average of $9.35. The firm has a market capitalization of $3.64 billion, a PE ratio of -30.93 and a beta of 0.61. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm's revenue for the quarter was down 12.7% compared to the same quarter last year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is presently -129.03%.

Insider Buying and Selling

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the transaction, the chief executive officer owned 2,823,103 shares of the company's stock, valued at $33,453,770.55. This represents a 8.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company's stock, valued at approximately $14,330,585.92. This represents a 21.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last ninety days. Company insiders own 2.20% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. Dimensional Fund Advisors LP boosted its stake in Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. American Century Companies Inc. increased its position in shares of Patterson-UTI Energy by 7.9% during the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock valued at $80,804,000 after acquiring an additional 1,135,704 shares during the last quarter. State Street Corp raised its stake in shares of Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after acquiring an additional 75,560 shares during the period. Sourcerock Group LLC raised its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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