Barclays Sees Deep Value in Patterson-UTI Energy (PTEN); Cuts Numbers on Pause in Newbuild Demand

May 1, 2012 3:12 PM EDT Send to a Friend
Get Alerts PTEN Hot Sheet
Price: $20.29 -3.75%

Rating Summary:
    22 Buy, 14 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 6 | Down: 12 | New: 23
Trade PTEN Now!
Join SI Premium – FREE
Barclays maintains an 'Overweight' on Patterson-UTI Energy (NASDAQ: PTEN) price target cut from $33 to $26.

Analyst, James C. West, said, "Given the near-term challenges facing its pressure pumping business, we think the Patterson-UTI story is shifting to one of deep value. While near-term stimulation margins will be pressured, over time we expect higher investments in liquids plays to offset softening in gas plays, which should benefit both its pressure pumping business and newbuild rigs."

FY12 EPS estimate cut from $2.55 to $2.05 and FY13 from $2.95 to $2.05.

For an analyst ratings summary and ratings history on Patterson-UTI Energy click here. For more ratings news on Patterson-UTI Energy click here.

Shares of Patterson-UTI Energy closed at $16.18 yesterday.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Barclays

Add Your Comment