Jefferies Upgrades Patterson-UTI Energy (PTEN) to Buy
Get Alerts PTEN Hot Sheet
Rating Summary:
21 Buy, 16 Hold, 6 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 10
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Jefferies upgraded Patterson-UTI Energy (NASDAQ: PTEN) from Hold to Buy with a price target of $25.00 (from $19.00).
Analyst Brad Handler commented, "We believe PTEN is positioned to benefit from increased hydraulic fracturing demand expected over the next several years; we assume its pumping division revenues and EBITDA are 15% and 45% higher in 2020 than the peak quarterly run-rate of the prior cycle, respectively, on a combination of higher horsepower (i.e. more equipment) and per-job profitability."
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 $21.09 yesterday.
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