Patterson-UTI Energy, Inc. Expected to Earn Q2 2024 Earnings of $0.06 Per Share (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Atb Cap Markets lowered their Q2 2024 earnings estimates for shares of Patterson-UTI Energy in a research note issued 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 prior 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 released 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. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the business posted $0.46 EPS.

Other equities research analysts also recently issued reports about the company. Raymond James decreased 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 report on Friday, February 16th. Benchmark reiterated a “hold” rating on shares of Patterson-UTI Energy in a report on Monday. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, April 2nd. Susquehanna reissued a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. Finally, Bank of America lowered their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $10.97 on Monday. The stock has a 50-day simple moving average of $11.63 and a two-hundred day simple moving average of $11.46. Patterson-UTI Energy has a 52-week low of $9.70 and a 52-week high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The firm has a market capitalization of $4.42 billion, a PE ratio of 15.71, a P/E/G ratio of 1.57 and a beta of 2.23.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock worth $486,449,000 after buying an additional 1,847,468 shares during the last quarter. Blackstone Inc. acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at about $483,016,000. Cerberus Capital Management L.P. acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at about $188,486,000. FMR LLC grew its holdings in Patterson-UTI Energy by 21,195.0% in the third quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after purchasing an additional 11,600,658 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 6.5% in the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock worth $91,860,000 after buying an additional 519,259 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the 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 transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.32 annualized dividend and a yield of 2.92%. Patterson-UTI Energy’s dividend payout ratio (DPR) is 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.