Atb Cap Markets Comments on Patterson-UTI Energy, Inc.’s Q2 2024 Earnings (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Atb Cap Markets reduced their Q2 2024 earnings per share estimates for shares of Patterson-UTI Energy in a note issued to investors on Sunday, April 7th. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will post earnings per share of $0.11 for the quarter, down from their previous forecast of $0.15. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.65 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.15 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.20 EPS, Q2 2025 earnings at $0.26 EPS, Q3 2025 earnings at $0.30 EPS, Q4 2025 earnings at $0.31 EPS, FY2025 earnings at $1.07 EPS, Q1 2026 earnings at $0.32 EPS and FY2026 earnings at $1.30 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%.

A number of other equities research analysts have also weighed in on PTEN. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group started coverage on Patterson-UTI Energy in a research report on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price objective on the stock. Benchmark cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Evercore ISI lowered their target price on Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Finally, Raymond James lowered their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.33.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $12.02 on Wednesday. The firm has a market cap of $4.91 billion, a P/E ratio of 11.90, a P/E/G ratio of 1.21 and a beta of 2.21. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The business’s 50 day moving average price is $11.54 and its 200-day moving average price is $11.75. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is 31.68%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock worth $486,449,000 after acquiring an additional 1,847,468 shares during the period. BlackRock Inc. grew its holdings in Patterson-UTI Energy by 1.4% during the first quarter. BlackRock Inc. now owns 35,469,236 shares of the oil and gas company’s stock valued at $549,064,000 after purchasing an additional 476,464 shares during the period. Blackstone Inc. bought a new stake in Patterson-UTI Energy during the third quarter valued at about $483,016,000. Cerberus Capital Management L.P. bought a new stake in Patterson-UTI Energy during the third quarter valued at about $188,486,000. Finally, Macquarie Group Ltd. grew its holdings in Patterson-UTI Energy by 1.6% during the second quarter. Macquarie Group Ltd. now owns 13,463,553 shares of the oil and gas company’s stock valued at $212,186,000 after purchasing an additional 215,120 shares during the period. 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.