UBS Raises Estimates and Price Target on Patterson-UTI Energy (PTEN); Good Q2, But Challenges Remain
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Price: $22.92 +3.29%
Rating Summary:
15 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
15 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade PTEN Now!
UBS maintains a 'Neutral' on Patterson-UTI Energy (NASDAQ: PTEN) price target of $17.00 (from $14.00).
Analyst, Angie Sedita, said, "PTEN's land drilling operations are better positioned this cycle with about 64% of the rig fleet on term contracts and the majority of the fleet in liquids-rich areas. However, we believe land rig utilization is at risk in Q3 and Q4 and that dayrates will come under increasing pressure. Additionally, we see risk in Patterson's pressure pumping business (about 25% of earnings). We expect conditions to remain challenged near-term (25% of PTEN's frac hp is on take-or-pay contracts)."
FY12 EPS estimate raised from $1.85 to $1.92 and FY13 from $1.40 to $1.45.
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 $16.17 yesterday, with a 52 week range of $12.81-$33.94.
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Analyst, Angie Sedita, said, "PTEN's land drilling operations are better positioned this cycle with about 64% of the rig fleet on term contracts and the majority of the fleet in liquids-rich areas. However, we believe land rig utilization is at risk in Q3 and Q4 and that dayrates will come under increasing pressure. Additionally, we see risk in Patterson's pressure pumping business (about 25% of earnings). We expect conditions to remain challenged near-term (25% of PTEN's frac hp is on take-or-pay contracts)."
FY12 EPS estimate raised from $1.85 to $1.92 and FY13 from $1.40 to $1.45.
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 $16.17 yesterday, with a 52 week range of $12.81-$33.94.
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
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