Zacks Research Issues Pessimistic Outlook for PTEN Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Zacks Research dropped their Q3 2024 EPS estimates for shares of Patterson-UTI Energy in a note issued to investors on Thursday, October 17th. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings of $0.02 per share for the quarter, down from their previous forecast of $0.05. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.28 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.01 EPS, Q1 2026 earnings at ($0.01) EPS and Q2 2026 earnings at $0.07 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion.

Several other equities analysts have also recently commented on the company. Morgan Stanley reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Piper Sandler reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Citigroup reduced their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $7.97 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $14.26. The business has a 50 day moving average price of $8.47 and a two-hundred day moving average price of $9.91. The firm has a market cap of $3.20 billion, a PE ratio of 11.72 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. AlphaMark Advisors LLC bought a new stake in shares of Patterson-UTI Energy during the third quarter valued at approximately $272,000. nVerses Capital LLC acquired a new stake in Patterson-UTI Energy in the 3rd quarter valued at approximately $75,000. Creative Planning raised its stake in Patterson-UTI Energy by 101.4% during the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock valued at $996,000 after acquiring an additional 65,570 shares in the last quarter. Viking Fund Management LLC boosted its position in Patterson-UTI Energy by 10.0% during the 3rd quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company’s stock worth $842,000 after acquiring an additional 10,000 shares during the period. Finally, Somerset Trust Co bought a new position in shares of Patterson-UTI Energy in the third quarter worth $118,000. Institutional investors own 97.91% of the company’s stock.

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.