What is Zacks Research’s Forecast for PTEN Q3 Earnings?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for Patterson-UTI Energy in a research note issued on Thursday, October 17th. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will earn $0.02 per share for the quarter, down from their previous forecast of $0.05. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.22 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s FY2024 earnings at $0.20 EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at $0.05 EPS, Q3 2025 earnings at $0.08 EPS, Q4 2025 earnings at $0.01 EPS, Q1 2026 earnings at ($0.01) EPS and Q2 2026 earnings at $0.07 EPS.

Other research analysts also recently issued reports about the company. Susquehanna cut their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research note on Monday, July 15th. 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, September 4th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Barclays decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday. One equities research 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.54.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $7.98 on Friday. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 25.74 and a beta of 2.12. Patterson-UTI Energy has a 52-week low of $7.45 and a 52-week high of $14.26. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $8.45 and its 200 day moving average is $9.88.

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 (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate 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 firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 103.23%.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC increased its stake 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 valued at $25,000 after purchasing an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC raised its position in Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 3,087 shares in the last quarter. CWM LLC grew its position in shares of 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 purchasing an additional 893 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth about $56,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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.