Patterson-UTI Energy, Inc. to Post Q3 2024 Earnings of $0.00 Per Share, Atb Cap Markets Forecasts (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Investment analysts at Atb Cap Markets decreased their Q3 2024 earnings per share estimates for shares of Patterson-UTI Energy in a research note issued to investors on Tuesday, October 1st. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will earn $0.00 per share for the quarter, down from their previous 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.

PTEN has been the subject of a number of other reports. Citigroup lowered their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a report on Friday, September 13th. Royal Bank of Canada reduced 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. Susquehanna reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a report on Thursday, July 11th. Barclays reduced their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, July 16th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Patterson-UTI Energy Stock Up 2.3 %

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

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 for the quarter, missing the consensus estimate of $0.09 by ($0.04). The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.77%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is 47.06%.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the last quarter. InTrack Investment Management Inc lifted its holdings in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after purchasing an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares during the last quarter. Fortitude Family Office LLC lifted its holdings in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Sage Rhino Capital LLC increased its position in Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 1,724 shares during the period. 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.