Zacks Research Has Negative Outlook for PTEN FY2024 Earnings

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities research analysts at Zacks Research cut their FY2024 earnings estimates for Patterson-UTI Energy in a note issued to investors on Monday, December 2nd. Zacks Research analyst N. Choudhury now anticipates that the oil and gas company will post earnings per share of $0.10 for the year, down from their previous forecast of $0.12. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.11 per share.

PTEN has been the topic of several other research reports. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Stifel Nicolaus reduced their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Barclays reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.88.

Patterson-UTI Energy Trading Down 0.1 %

Shares of PTEN opened at $8.19 on Wednesday. Patterson-UTI Energy has a twelve month low of $7.38 and a twelve month high of $12.65. The company has a market cap of $3.19 billion, a P/E ratio of -3.74 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The company’s fifty day simple moving average is $8.11 and its 200-day simple moving average is $9.14.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.5% in the 3rd quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company’s stock valued at $5,640,000 after buying an additional 47,640 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter valued at about $186,000. Geode Capital Management LLC boosted its holdings in shares of Patterson-UTI Energy by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company’s stock valued at $68,717,000 after buying an additional 478,064 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $453,000. Finally, XTX Topco Ltd acquired a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $1,942,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

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.