Zacks Research Brokers Reduce Earnings Estimates for PTEN

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Zacks Research cut their Q4 2024 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a report released on Monday, December 2nd. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings per share of ($0.10) for the quarter, down from their prior forecast of ($0.08). The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.10 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q1 2025 earnings at ($0.09) EPS, Q2 2026 earnings at $0.02 EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at $0.05 EPS.

Other equities analysts have also issued reports about the stock. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Raymond James dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Trading Down 7.9 %

Patterson-UTI Energy stock opened at $7.49 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The stock has a market cap of $2.92 billion, a PE ratio of -3.45 and a beta of 2.12. The stock has a 50-day moving average of $8.13 and a two-hundred day moving average of $9.12. Patterson-UTI Energy has a one year low of $7.38 and a one year high of $12.65.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.27%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy in the 2nd quarter worth about $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at approximately $51,800,000. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares in the last quarter. ARGA Investment Management LP grew its stake in Patterson-UTI Energy by 1,066.6% in the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after acquiring an additional 1,792,655 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock worth $17,052,000 after acquiring an additional 1,588,067 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.