Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expected to Post Q2 2024 Earnings of $0.06 Per Share

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Atb Cap Markets lowered their Q2 2024 earnings estimates for Patterson-UTI Energy in a research note issued on Thursday, May 2nd. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas company will post earnings per share of $0.06 for the quarter, down from their prior forecast of $0.11. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.59 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.12 EPS, FY2024 earnings at $0.43 EPS, Q1 2025 earnings at $0.17 EPS, Q2 2025 earnings at $0.23 EPS, Q3 2025 earnings at $0.28 EPS, Q4 2025 earnings at $0.29 EPS and FY2025 earnings at $0.97 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business posted $0.46 EPS.

A number of other research firms have also recently weighed in on PTEN. Evercore ISI lowered their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday, April 15th. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, Raymond James reduced their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.08.

Patterson-UTI Energy Trading Up 0.8 %

NASDAQ:PTEN opened at $10.68 on Monday. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. The stock has a fifty day moving average price of $11.63 and a two-hundred day moving average price of $11.48. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.51 and a beta of 2.23.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.00%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares in the company, valued at $29,011,093.47. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. CWM LLC raised its holdings in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 893 shares during the period. Commerce Bank raised its stake in shares of Patterson-UTI Energy by 4.7% in the 4th quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock valued at $284,000 after acquiring an additional 1,186 shares during the period. Lindbrook Capital LLC lifted its holdings in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 1,332 shares in the last quarter. Clarus Group Inc. lifted its stake in shares of Patterson-UTI Energy by 3.4% during the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company’s stock worth $498,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock valued at $1,074,000 after buying an additional 1,506 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.