Q3 2024 EPS Estimates for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Decreased by Atb Cap Markets

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Atb Cap Markets lowered their Q3 2024 earnings estimates for Patterson-UTI Energy in a research note issued on Tuesday, October 1st. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will post earnings per share of $0.00 for the quarter, down from their prior estimate of $0.01. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.29 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s FY2024 earnings at $0.11 EPS, Q1 2025 earnings at ($0.01) EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.09 EPS, Q4 2025 earnings at $0.10 EPS, Q1 2026 earnings at $0.12 EPS, Q2 2026 earnings at $0.14 EPS, Q3 2026 earnings at $0.16 EPS and FY2026 earnings at $0.56 EPS.

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

Other research analysts also recently issued reports about the company. StockNews.com upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday. Royal Bank of Canada cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Barclays decreased their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Susquehanna dropped their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Finally, Piper Sandler reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Patterson-UTI Energy Trading Up 2.3 %

Shares of Patterson-UTI Energy stock opened at $8.48 on Thursday. Patterson-UTI Energy has a 12-month low of $7.45 and a 12-month high of $14.26. The company has a current ratio of 1.50, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3.41 billion, a PE ratio of 12.47 and a beta of 2.12. The company has a 50-day moving average of $8.78 and a two-hundred day moving average of $10.16.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co boosted its holdings in Patterson-UTI Energy by 25.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after acquiring an additional 100,626 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after purchasing an additional 1,554,020 shares during the period. UniSuper Management Pty Ltd acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $990,000. 1832 Asset Management L.P. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $1,706,000. Finally, Natixis acquired a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $617,000. Institutional investors and hedge funds 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.