Barclays analyst J. David Anderson raised the firm’s price target on Patterson-UTI to $18 from $16 and keeps an Overweight rating on the shares. The analyst says Q4 seasonality is expected to be more extensive than initially anticipated for U.S. onshore energy services, primarily driven by efficiencies delivering better well productivity, a sign of the maturing cycle.
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Read More on PTEN:
- 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
- Patterson-UTI call volume above normal and directionally bullish
