Zacks Research Issues Optimistic Outlook for PTEN Earnings

Key Points

• Zacks Research raised its Q1 2028 EPS estimate for Patterson-UTI Energy to $0.09 from $0.06, while keeping a Hold rating on the stock. The broader consensus still sees the company losing $0.08 per share for the full year.
• Patterson-UTI Energy most recently beat earnings expectations, reporting a Q1 loss of $0.06 per share versus the expected $0.10 loss. Revenue came in at $1.12 billion, slightly above estimates, though it was still down 12.7% year over year.
• Wall Street sentiment is mixed but leaning more positive, with several firms recently upgrading PTEN and lifting price targets. MarketBeat data shows a consensus rating of Hold and an average target price of $12.15.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Zacks Research increased their Q1 2028 EPS estimates for Patterson-UTI Energy in a research note issued on Wednesday, July 22nd. Zacks Research analyst Team now forecasts that the oil and gas company will post earnings per share of $0.09 for the quarter, up from their prior estimate of $0.06. Zacks Research currently has a "Hold" rating on the stock. The consensus estimate for Patterson-UTI Energy's current full-year earnings is ($0.08) per share.

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

A number of other research analysts also recently commented on PTEN. Piper Sandler raised shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price target for the company in a report on Tuesday, July 14th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Susquehanna decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price objective for the company in a research note on Monday, April 20th. Finally, The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Hold" and a consensus target price of $12.15.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $10.72 on Thursday. The firm has a fifty day simple moving average of $10.69 and a two-hundred day simple moving average of $9.79. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $4.07 billion, a P/E ratio of -34.58 and a beta of 0.62.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in PTEN. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the period. State Street Corp raised its position in Patterson-UTI Energy by 0.5% during 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 purchasing an additional 75,560 shares in the last quarter. Sourcerock Group LLC raised its position in Patterson-UTI Energy by 109.2% during 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 in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Patterson-UTI Energy by 110.8% during the fourth 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 buying an additional 5,551,276 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company's stock valued at $102,347,000 after buying an additional 934,766 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy 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 sale, the director owned 1,190,248 shares in the company, valued at $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cesar Jaime sold 10,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock worth $11,922,302 in the last three months. 2.20% of the stock is owned by insiders.

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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