Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to Post Q1 2024 Earnings of $0.12 Per Share, Zacks Research Forecasts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research decreased their Q1 2024 earnings estimates for shares of Patterson-UTI Energy in a research note issued on Wednesday, April 24th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.12 for the quarter, down from their prior forecast of $0.13. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.60 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q2 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.55 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.17 EPS and Q3 2025 earnings at $0.28 EPS.

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

Several other research firms also recently weighed in on PTEN. Evercore ISI dropped their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, February 20th. Royal Bank of Canada dropped their target price 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. Raymond James dropped their target price 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. Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $11.25 on Thursday. 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 firm has a 50-day moving average price of $11.73 and a two-hundred day moving average price of $11.59. Patterson-UTI Energy has a twelve month low of $9.70 and a twelve month high of $16.17. The company has a market capitalization of $4.54 billion, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 1.69 and a beta of 2.21.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.84%. Patterson-UTI Energy’s dividend payout ratio is presently 31.68%.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’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 value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. CWM LLC grew its stake in Patterson-UTI Energy by 40.9% during the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after buying an additional 791 shares during the period. SG Americas Securities LLC purchased a new stake in Patterson-UTI Energy during the third quarter worth approximately $128,000. State of Alaska Department of Revenue grew its stake in Patterson-UTI Energy by 45.6% during the third quarter. State of Alaska Department of Revenue now owns 199,563 shares of the oil and gas company’s stock worth $2,761,000 after buying an additional 62,542 shares during the period. Simplicity Solutions LLC grew its stake in Patterson-UTI Energy by 38.2% during the third quarter. Simplicity Solutions LLC now owns 16,508 shares of the oil and gas company’s stock worth $228,000 after buying an additional 4,562 shares during the period. Finally, Arcadia Investment Management Corp MI grew its stake in Patterson-UTI Energy by 2,789.1% during the third quarter. Arcadia Investment Management Corp MI now owns 174,793 shares of the oil and gas company’s stock worth $2,419,000 after buying an additional 168,743 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.