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

Article Stock Quotes (1) Comments (0)

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, with a 52 week range of $15.06-$34.09.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
• Deutsche Bank Adjusts Dean Foods (DF) Price Target to $13
• Microsoft (MSFT) Rally is Over, Says Barclays

Create E-mail Alert Related Categories

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

Related Entities

Barclays

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?