Capital One Financial Comments on PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Research analysts at Capital One Financial decreased their FY2024 earnings per share estimates for shares of Patterson-UTI Energy in a research report issued on Wednesday, November 20th. Capital One Financial analyst D. Becker now expects that the oil and gas company will earn $0.11 per share for the year, down from their previous estimate of $0.17. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.12 per share. Capital One Financial also issued estimates for Patterson-UTI Energy’s Q1 2026 earnings at ($0.02) EPS, Q2 2026 earnings at $0.02 EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at $0.08 EPS.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada cut their target price 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 Friday, October 25th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Raymond James dropped their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Trading Up 3.8 %

Shares of PTEN opened at $8.68 on Thursday. The stock’s fifty day simple moving average is $8.11 and its 200-day simple moving average is $9.29. The firm has a market capitalization of $3.38 billion, a PE ratio of -3.96 and a beta of 2.12. Patterson-UTI Energy has a 12-month low of $7.38 and a 12-month high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC lifted its holdings in shares of Patterson-UTI Energy by 119.5% in 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 in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares in the last quarter. Covestor Ltd boosted its position in Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 3,307 shares during the last quarter. CWM LLC raised its holdings in shares of Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.