Capital One Financial Forecasts PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Stock analysts at Capital One Financial cut their FY2024 EPS estimates for shares of Patterson-UTI Energy in a report released on Wednesday, November 20th. Capital One Financial analyst D. Becker now anticipates that the oil and gas company will post earnings of $0.11 per share for the year, down from their previous estimate 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.

Several other brokerages have also weighed in on PTEN. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Barclays reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. 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 on the stock in a research report on Friday, October 25th. Finally, Raymond James reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.88.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $8.36 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The firm’s 50-day simple moving average is $8.09 and its 200-day simple moving average is $9.30. Patterson-UTI Energy has a twelve month low of $7.38 and a twelve month high of $12.65. The firm has a market cap of $3.26 billion, a P/E ratio of -3.82 and a beta of 2.12.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after acquiring an additional 1,554,020 shares in the last quarter. UniSuper Management Pty Ltd bought a new position in Patterson-UTI Energy during the first quarter worth about $990,000. CANADA LIFE ASSURANCE Co increased its position in Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock worth $5,931,000 after acquiring an additional 100,626 shares during the period. Natixis acquired a new stake in Patterson-UTI Energy during the first quarter worth about $617,000. Finally, 1832 Asset Management L.P. grew its stake in Patterson-UTI Energy by 9.5% during the first quarter. 1832 Asset Management L.P. now owns 172,949 shares of the oil and gas company’s stock worth $2,065,000 after buying an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Announces Dividend

The firm 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.83%. 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.