Susquehanna analyst Charles Minervino lowered the firm’s price target on Patterson-UTI to $16 from $18 and keeps a Positive rating on the shares. The firm updated its model following 3Q earnings. They expect a full-quarter contribution from the NEX and Ulterra acquisitions to drive sequential improvement in 4Q. From there, they expect a modest rebound in 2024, with sequential growth in drilling likely to lead growth in pressure pumping by a few months.
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Read More on PTEN:
- Patterson-UTI price target raised to $18 from $16 at Barclays
- Patterson-UTI Energy (PTEN) Q3 Earnings Cheat Sheet
- Patterson-UTI downgraded to Equal Weight from Overweight at Morgan Stanley
- Patterson-UTI upgraded to Buy at BofA after 18% year-to-date decline
- Patterson-UTI upgraded to Buy from Neutral at BofA
