Q2 2024 EPS Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Cut by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Atb Cap Markets lowered their Q2 2024 earnings estimates for Patterson-UTI Energy in a report released on Thursday, May 2nd. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will post earnings of $0.06 per share for the quarter, down from their previous forecast of $0.11. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.59 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.12 EPS, FY2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.17 EPS, Q2 2025 earnings at $0.23 EPS, Q3 2025 earnings at $0.28 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $0.97 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the firm posted $0.46 EPS.

PTEN has been the topic of a number of other research reports. Royal Bank of Canada dropped their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Raymond James cut their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Finally, Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Trading Up 0.3 %

Patterson-UTI Energy stock opened at $11.00 on Monday. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The business’s fifty day simple moving average is $11.61 and its two-hundred day simple moving average is $11.42. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.91%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of PTEN. Capital Advisors Ltd. LLC bought a new position in shares of Patterson-UTI Energy in the third quarter worth approximately $25,000. Fortitude Family Office LLC boosted its holdings in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares during the period. Parkside Financial Bank & Trust increased its stake in Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after buying an additional 2,594 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Patterson-UTI Energy by 350.7% during the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after acquiring an additional 2,539 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at about $40,000. 97.91% of the stock is owned by institutional investors.

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.