What is Zacks Research’s Estimate for PTEN FY2024 Earnings?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) – Equities researchers at Zacks Research decreased their FY2024 earnings per share estimates for shares of Patterson-UTI Energy in a research 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 estimate of $0.12. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $0.10 per share.

Several other research analysts have also weighed in on PTEN. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Susquehanna cut their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a research report on Friday, October 11th. Royal Bank of Canada cut their price objective on 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. Raymond James cut their price objective on 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. Finally, ATB Capital lowered their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Trading Down 0.7 %

Shares of PTEN opened at $8.13 on Wednesday. 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 firm has a market capitalization of $3.17 billion, a P/E ratio of -3.74 and a beta of 2.12. The stock’s fifty day simple moving average is $8.12 and its 200 day simple moving average is $9.13. Patterson-UTI Energy has a twelve month low of $7.38 and a twelve month high of $12.65.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. Price T Rowe Associates Inc. MD grew its holdings in shares of Patterson-UTI Energy by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 203,343 shares of the oil and gas company’s stock valued at $2,428,000 after purchasing an additional 12,841 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Patterson-UTI Energy by 17.1% during the first quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company’s stock valued at $2,195,000 after purchasing an additional 26,916 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Patterson-UTI Energy by 311.4% during the second quarter. Harbor Capital Advisors Inc. now owns 146,095 shares of the oil and gas company’s stock valued at $1,514,000 after purchasing an additional 110,581 shares during the last quarter. CWM LLC grew its holdings in shares of Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Patterson-UTI Energy by 18.0% during the second quarter. SG Americas Securities LLC now owns 49,573 shares of the oil and gas company’s stock valued at $514,000 after purchasing an additional 7,567 shares during the last quarter. 97.91% of the stock is owned by 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.