Brokers Set Expectations for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Capital One Financial lowered their FY2024 earnings estimates for shares of Patterson-UTI Energy in a report issued on Wednesday, November 20th. Capital One Financial analyst D. Becker now forecasts that the oil and gas company will post earnings per share of $0.11 for the year, down from their previous forecast 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 have also issued reports on PTEN. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Raymond James decreased their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research note on Friday, October 11th. Royal Bank of Canada reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $8.13 on Thursday. Patterson-UTI Energy has a 12-month low of $7.38 and a 12-month high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $8.08 and a 200-day simple moving average of $9.31.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth about $152,265,000. Ninepoint Partners LP acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $51,800,000. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 62.8% in 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 acquiring an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP acquired a new position in Patterson-UTI Energy in the 1st quarter worth approximately $24,116,000. Finally, ARGA Investment Management LP grew its position in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after purchasing an additional 1,792,655 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

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.