Patterson-UTI comments suggest better outlook for drilling, says Susquehanna

Susquehanna analyst Charles Minervino said ahead of an upcoming conference this week, the company’s investor presentation suggests a better potential outlook for 4Q23 drilling activity than they were previously forecasting.This update comes following the completion of the NEX merger last week which is expected to be accretive and suggests the outlook for 2024 remains promising. Susquehanna maintains its Positive rating and $18 price target on Patterson-UTI shares.