Stifel lowered the firm’s price target on Patterson-UTI (PTEN) to $18 from $19 and keeps a Buy rating on the shares. Entering 2024, Stifel believes the risk-reward ratio in the oil service stocks sector is favorable, with 95% of the names covered by the firm trading below the five-year median forward EV/EBITDA multiple, the analyst tells investors. Following a lackluster Q4 and uncertainty around the activity growth in the U.S. land market, the firm is reducing its 2024 activity assumptions, but expects growth throughout the year. Baker Hughes (BKR), NOV Inc. (NOV), ChampionX (CHX), and Patterson-UTI are its favorite names headed into 2024.
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Read More on PTEN:
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