What is Zacks Research's Estimate for PTEN Q3 Earnings?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Research analysts at Zacks Research cut their Q3 2026 earnings estimates for shares of Patterson-UTI Energy in a note issued to investors on Thursday, May 29th. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will earn $0.02 per share for the quarter, down from their prior estimate of $0.04. The consensus estimate for Patterson-UTI Energy's current full-year earnings is ($0.10) per share. Zacks Research also issued estimates for Patterson-UTI Energy's FY2026 earnings at $0.04 EPS, Q1 2027 earnings at ($0.01) EPS and FY2027 earnings at $0.28 EPS.

Several other brokerages have also recently commented on PTEN. JPMorgan Chase & Co. dropped their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Susquehanna cut their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group decreased their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, Barclays cut their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of "Hold" and an average target price of $9.58.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded up $0.25 during trading on Monday, hitting $5.76. The stock had a trading volume of 15,672,472 shares, compared to its average volume of 9,757,361. The business has a fifty day moving average of $6.13 and a two-hundred day moving average of $7.52. Patterson-UTI Energy has a fifty-two week low of $5.12 and a fifty-two week high of $11.27. The firm has a market cap of $2.22 billion, a P/E ratio of -2.33 and a beta of 1.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $0.15 EPS. The firm's quarterly revenue was down 15.2% on a year-over-year basis.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy in the fourth quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $42,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the transaction, the director now owns 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company's stock.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.56%. Patterson-UTI Energy's payout ratio is presently -12.31%.

Patterson-UTI Energy Company Profile

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.