Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) - Stock analysts at Zacks Research dropped their FY2024 earnings per share estimates for shares of Patterson-UTI Energy in a research report issued on Monday, December 2nd. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $0.10 for the year, down from their prior forecast of $0.12. The consensus estimate for Patterson-UTI Energy's current full-year earnings is $0.11 per share.
A number of other analysts also recently issued reports on PTEN. Morgan Stanley cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. Raymond James cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating for the company in a research report on Friday, October 25th. Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set a "buy" rating for the company 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 for the company in a research report on Friday, October 25th. Finally, Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.88.
Check Out Our Latest Research Report on PTEN
Shares of PTEN opened at $8.20 on Wednesday. Patterson-UTI Energy has a 52-week low of $7.38 and a 52-week high of $12.65. The company has a market capitalization of $3.20 billion, a PE ratio of -3.74 and a beta of 2.12. The stock has a fifty day simple moving average of $8.12 and a two-hundred day simple moving average of $9.16. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy's payout ratio is presently -14.61%.
Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Price T Rowe Associates Inc. MD boosted its stake in shares of Patterson-UTI Energy by 6.7% in the 1st 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 buying an additional 12,841 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Patterson-UTI Energy by 17.1% in the 1st quarter. Janus Henderson Group PLC now owns 184,024 shares of the oil and gas company's stock valued at $2,195,000 after buying an additional 26,916 shares during the period. Harbor Capital Advisors Inc. lifted its stake in 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 worth $1,514,000 after purchasing an additional 110,581 shares during the last quarter. CWM LLC lifted its stake in 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 worth $63,000 after purchasing an additional 2,012 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in 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 worth $514,000 after purchasing an additional 7,567 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.
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.
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