ATB Capital analyst Waqar Syed upgraded Patterson-UTI (PTEN) to Outperform from Sector Perform with an unchanged price target of $17. Patterson-UTI has underperformed Helmerich & Payne (HP) by nearly 12% during the past three months, but with its post-merger outlook now de-risked, and very strong free cash flow generation expected in 2024 and 2024, Patterson-UTI is the more attractive investment in the near term, the analyst tells investors in a research note.
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