Q1 2023 EPS Estimates for Patterson-UTI Energy, Inc. Lowered by Atb Cap Markets (NASDAQ:PTEN)

Posted by Defense World Staff on Apr 12th, 2023

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) – Research analysts at Atb Cap Markets cut their Q1 2023 earnings per share (EPS) estimates for shares of Patterson-UTI Energy in a research note issued on Saturday, April 8th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas company will earn $0.34 per share for the quarter, down from their prior forecast of $0.35. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $1.83 per share. Atb Cap Markets also issued estimates for Patterson-UTI Energy’s Q2 2023 earnings at $0.39 EPS, Q3 2023 earnings at $0.43 EPS, Q4 2023 earnings at $0.46 EPS, FY2023 earnings at $1.61 EPS, Q1 2024 earnings at $0.59 EPS, Q2 2024 earnings at $0.65 EPS, Q3 2024 earnings at $0.69 EPS, Q4 2024 earnings at $0.67 EPS, Q1 2025 earnings at $0.63 EPS and FY2025 earnings at $2.61 EPS.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last issued its quarterly earnings results on Wednesday, February 8th. The oil and gas company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Patterson-UTI Energy had a return on equity of 8.87% and a net margin of 5.84%. The firm had revenue of $788.50 million for the quarter, compared to analysts’ expectations of $758.68 million. During the same quarter in the prior year, the firm earned ($0.38) EPS. The business’s revenue for the quarter was up 69.0% compared to the same quarter last year.

Other analysts have also issued reports about the company. Benchmark assumed coverage on Patterson-UTI Energy in a research note on Thursday, January 19th. They set a “hold” rating on the stock. Citigroup decreased their target price on Patterson-UTI Energy from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 22nd. StockNews.com lowered Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 4th. Morgan Stanley decreased their target price on Patterson-UTI Energy from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, February 13th. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $24.00 to $18.00 in a research note on Monday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.45.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $12.32 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.40 and a current ratio of 1.51. Patterson-UTI Energy has a 52-week low of $10.40 and a 52-week high of $20.53. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 0.12 and a beta of 2.27. The business’s fifty day moving average is $13.42 and its 200 day moving average is $15.29.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Thursday, March 2nd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.60%. The ex-dividend date was Wednesday, March 1st. Patterson-UTI Energy’s dividend payout ratio is presently 45.07%.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Patterson-UTI Energy by 3.6% during the 3rd quarter. BlackRock Inc. now owns 40,347,866 shares of the oil and gas company’s stock valued at $471,264,000 after acquiring an additional 1,418,479 shares during the period. Vanguard Group Inc. lifted its holdings in Patterson-UTI Energy by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,644,174 shares of the oil and gas company’s stock worth $299,525,000 after buying an additional 369,428 shares during the period. Macquarie Group Ltd. lifted its holdings in Patterson-UTI Energy by 3.9% in the 4th quarter. Macquarie Group Ltd. now owns 14,439,073 shares of the oil and gas company’s stock worth $243,154,000 after buying an additional 545,790 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Patterson-UTI Energy by 5.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,578,716 shares of the oil and gas company’s stock worth $111,882,000 after buying an additional 534,785 shares during the period. Finally, State Street Corp lifted its holdings in Patterson-UTI Energy by 8.6% in the 1st quarter. State Street Corp now owns 8,833,700 shares of the oil and gas company’s stock worth $136,746,000 after buying an additional 697,141 shares during the period. 96.57% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.