Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Forecasted to Earn Q4 2024 Earnings of ($0.04) Per Share

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Atb Cap Markets dropped their Q4 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a note issued to investors on Wednesday, September 4th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will post earnings of ($0.04) per share for the quarter, down from their prior forecast of $0.01. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.33 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q1 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.14 EPS, FY2025 earnings at $0.39 EPS, Q1 2026 earnings at $0.17 EPS and FY2026 earnings at $0.73 EPS.

Several other research firms also recently weighed in on PTEN. Barclays cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Piper Sandler cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Bank of America lowered their price objective on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Susquehanna cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. Finally, ATB Capital decreased 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 report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.29.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.33 on Friday. The firm’s fifty day moving average price is $9.65 and its two-hundred day moving average price is $10.66. The stock has a market cap of $3.27 billion, a PE ratio of 12.25 and a beta of 2.13. 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 fifty-two week low of $8.28 and a fifty-two week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly 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). The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in PTEN. Victory Capital Management Inc. lifted its stake in Patterson-UTI Energy by 7.3% in the fourth quarter. Victory Capital Management Inc. now owns 87,339 shares of the oil and gas company’s stock valued at $943,000 after buying an additional 5,915 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Patterson-UTI Energy by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,784,937 shares of the oil and gas company’s stock worth $51,677,000 after acquiring an additional 177,428 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $1,736,000. Teacher Retirement System of Texas increased its stake in Patterson-UTI Energy by 11.3% in the fourth quarter. Teacher Retirement System of Texas now owns 43,546 shares of the oil and gas company’s stock valued at $470,000 after purchasing an additional 4,407 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Patterson-UTI Energy by 92.1% during the fourth quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after purchasing an additional 435,490 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

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.