Q2 2024 Earnings Estimate for Patterson-UTI Energy, Inc. Issued By Zacks Research (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities research analysts at Zacks Research dropped their Q2 2024 EPS estimates for Patterson-UTI Energy in a report issued on Wednesday, May 22nd. Zacks Research analyst N. Choudhury now expects that the oil and gas company will earn $0.05 per share for the quarter, down from their prior forecast of $0.08. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.55 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at $0.41 EPS, Q1 2025 earnings at $0.12 EPS, Q3 2025 earnings at $0.24 EPS, Q4 2025 earnings at $0.17 EPS, FY2025 earnings at $0.67 EPS, Q1 2026 earnings at $0.16 EPS and FY2026 earnings at $1.03 EPS.

A number of other research analysts have also recently issued reports on the stock. Raymond James decreased their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Evercore ISI cut their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Bank of America cut their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Trading Up 0.6 %

NASDAQ PTEN opened at $10.80 on Thursday. The company has a fifty day simple moving average of $11.44 and a two-hundred day simple moving average of $11.28. The stock has a market cap of $4.34 billion, a P/E ratio of 15.88, a P/E/G ratio of 1.76 and a beta of 2.23. 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 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter in the prior year, the company posted $0.46 earnings per share.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently modified their holdings of the stock. Fortitude Family Office LLC lifted its stake in shares of Patterson-UTI Energy by 320.7% in the first 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 in the last quarter. Lindbrook Capital LLC lifted its stake in shares of Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,332 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $40,000. Parkside Financial Bank & Trust lifted its stake in shares of Patterson-UTI Energy by 635.8% in the third 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. Finally, CWM LLC lifted its stake in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now owns 2,007,895 shares in the company, valued at $23,191,187.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the completion of the sale, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.96%. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

About Patterson-UTI Energy

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.