Zacks Research Has Bullish Forecast for PTEN Q2 Earnings

Key Points

• Zacks Research raised its Q2 2026 EPS estimate for Patterson-UTI Energy to -$0.07 from -$0.08 and kept a Strong-Buy rating on the stock.
• Several other analysts have also turned more positive, including RBC raising its target to $15 and KeyCorp upgrading PTEN to Overweight. MarketBeat data shows a Moderate Buy consensus with an average target price of $12.10.
• The company recently beat quarterly expectations but remains unprofitable, and insider selling added some caution. PTEN also announced a $0.10 quarterly dividend, implying a 3.3% yield.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Equities research analysts at Zacks Research boosted their Q2 2026 earnings per share estimates for shares of Patterson-UTI Energy in a report released on Tuesday, June 2nd. Zacks Research analyst Team now forecasts that the oil and gas company will earn ($0.07) per share for the quarter, up from their previous estimate of ($0.08). Zacks Research has a "Strong-Buy" rating on the stock. The consensus estimate for Patterson-UTI Energy's current full-year earnings is ($0.16) per share. Zacks Research also issued estimates for Patterson-UTI Energy's Q3 2026 earnings at ($0.06) EPS, Q4 2026 earnings at ($0.07) EPS, FY2026 earnings at ($0.26) EPS, Q1 2027 earnings at ($0.11) EPS, Q2 2027 earnings at ($0.03) EPS, Q3 2027 earnings at ($0.04) EPS, FY2027 earnings at ($0.17) EPS and FY2028 earnings at $0.09 EPS.

Other research analysts also recently issued reports about the company. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Morgan Stanley upped their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Finally, Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.10.

Patterson-UTI Energy Trading Up 2.4%

Patterson-UTI Energy stock opened at $12.01 on Thursday. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The stock's 50 day simple moving average is $11.30 and its two-hundred day simple moving average is $8.77. The firm has a market cap of $4.56 billion, a PE ratio of -38.74 and a beta of 0.61.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PTEN. Sourcerock Group LLC raised its stake in 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 purchasing an additional 7,205,652 shares during the last quarter. Holocene Advisors LP raised its stake in Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company's stock valued at $47,801,000 after purchasing an additional 5,891,956 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in 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 valued at $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. UBS Group AG raised its stake in Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company's stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company's stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Patterson-UTI Energy

In related news, 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 completion of the transaction, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company's stock, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 958,949 shares of company stock valued at $11,107,535 in the last 90 days. 2.20% of the stock is owned by company insiders.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is currently -129.03%.

Key Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks Research lifted Patterson-UTI Energy’s earnings estimates for several upcoming quarters and full years, including a sharp improvement in FY2028 EPS, suggesting improving fundamentals and a more constructive outlook for the oilfield services company.
• Positive Sentiment: The firm reaffirmed a Strong-Buy rating, which can reinforce investor confidence in PTEN and support the stock.
• Neutral Sentiment: Despite the higher estimates, Zacks still expects Patterson-UTI Energy to remain unprofitable in the near term, so the revised forecasts do not yet signal a full turnaround.
• Negative Sentiment: Recent insider selling by COO James Michael Holcomb may create some caution among investors, even though the market focus appears to be on the upgraded earnings outlook. Patterson-UTI Energy NASDAQ: PTEN COO James Michael Holcomb Sells 150,000 Shares

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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