Zacks Research Weighs in on Patterson-UTI Energy, Inc.’s FY2024 Earnings (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Zacks Research cut their FY2024 EPS estimates for Patterson-UTI Energy in a report released on Thursday, March 28th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.63 for the year, down from their previous estimate of $0.64. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.67 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q4 2024 earnings at $0.17 EPS.

A number of other analysts also recently issued reports on PTEN. Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price objective for the company. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Finally, Evercore ISI dropped their price target on shares of 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. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.33.

Patterson-UTI Energy Stock Down 0.9 %

Shares of PTEN stock opened at $11.94 on Friday. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.17 and a beta of 2.22. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The company’s fifty day moving average price is $11.30 and its 200-day moving average price is $11.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping 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 business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.50 billion.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.08 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.32 annualized dividend and a dividend yield of 2.68%. Patterson-UTI Energy’s dividend payout ratio is currently 31.68%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business’s 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 completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Capital Advisors Ltd. LLC bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $25,000. CWM LLC grew its position in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 791 shares during the last quarter. Coppell Advisory Solutions Corp. purchased a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $47,000. Quarry LP grew its position in Patterson-UTI Energy by 157.2% during the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 1,714 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.