As previously reported, Benchmark analyst Kurt Hallead upgraded Helmerich & Payne (HP), Patterson-UTI (PTEN), ProPetro Holding (PUMP), Nabors Industries (NBR) and Precision Drilling (PDS), all to Buy from Hold, as the firm sees a tactical trading opportunity in North American Land drilling and U.S. frac names. “Everything in this space is primed to work” as new long only money looks for a home in the laggards and existing holders add to current positions in the leaders, argues the firm, which adds that this trade “has a finite life” as Benchmark expects U.S. land activity and pricing to be flat in 2024 versus 2023 while it expects international and offshore growth will continue “unabated.” The firm set a $50 price target on Helmerich & Payne shares, a $22 target on Patterson-UTI, a $16 target on ProPetro, a $150 target on Nabors and a C$111 target on shares of Precision Drilling.
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