Q4 EPS Estimate for Patterson-UTI Energy Cut by Analyst

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Zacks Research lowered their Q4 2024 earnings estimates for Patterson-UTI Energy in a report released on Thursday, October 17th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of ($0.02) for the quarter, down from their previous estimate of $0.03. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.18 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2025 earnings at $0.15 EPS, Q3 2026 earnings at $0.12 EPS and FY2026 earnings at $0.25 EPS.

PTEN has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Barclays reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, Bank of America reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.54.

Patterson-UTI Energy Price Performance

PTEN opened at $7.86 on Monday. The company’s 50 day simple moving average is $8.43 and its 200 day simple moving average is $9.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy has a 1 year low of $7.45 and a 1 year high of $13.70. The stock has a market capitalization of $3.09 billion, a PE ratio of 25.35 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC increased its stake in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares during the last quarter. CWM LLC increased its stake in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Patterson-UTI Energy during the first quarter valued at $56,000. Finally, Blue Trust Inc. increased its stake in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.