Jesup & Lamont Upgrades Patterson-UTI Energy (PTEN) to Hold; Long-Term Strategy Returning Value

October 30, 2009 9:36 AM EDT

Jesup & Lamont upgrades Patterson-UTI Energy (Nasdaq: PTEN) from Sell to Hold.

Jesup analyst says, "Patterson is the second largest onshore contractor in North America with approximately 350 rigs and 6 rigs under construction. The company has indicated its plans to expand its fleet through acquisitions and increased newbuilds. Patterson has long been the onshore drilling company with little or no debt and its long term strategy continues to return value to shareholders...We have upgraded our rating to HOLD from SELL rating based on the current commodity environment and the current outlook...Our new earnings estimates for 2009 are ($0.26) per share up from ($0.30) per share and ($0.33) per share up from ($0.35) per share for 2010."

To see more analyst ratings on PTEN Click Here.

Patterson-UTI Energy, Inc., together with its subsidiaries, provides onshore contract drilling services to independent oil and natural gas operators in North America.

Related Categories

Upgrades

Stocks Mentioned

Related Entities

• Jesup & Lamont

Add Your Comment

Name

Subject

Body

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