Zacks Research Issues Positive Forecast for PTEN Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Analysts at Zacks Research boosted their Q1 2028 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued to investors on Friday, June 26th. Zacks Research analyst Team now expects that the oil and gas company will post earnings per share of $0.06 for the quarter, up from their prior forecast of $0.05. Zacks Research has a “Hold” rating on the stock. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is ($0.14) per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2028 earnings at $0.13 EPS.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue for the quarter was down 12.7% compared to the same quarter last year.

A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Piper Sandler increased their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Morgan Stanley raised their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Citigroup boosted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Finally, KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Hold” and an average price target of $12.40.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $9.59 on Monday. The company’s 50-day simple moving average is $11.35 and its 200-day simple moving average is $9.35. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08. The stock has a market capitalization of $3.64 billion, a PE ratio of -30.93 and a beta of 0.61.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently bought and sold shares of PTEN. Quarry LP boosted its stake in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares in the last quarter. First Horizon Corp grew its holdings in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth about $37,000. Rockefeller Capital Management L.P. increased its position in shares of Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares in the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the transaction, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This represents a 21.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last three months. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.