Duncan Williams Upgrades Patterson-UTI Energy (PTEN) to Strong Buy, Sees 54% Upside in Stock

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An analyst at Duncan Williams just upgraded shares of Patterson-UTI Energy (NASDAQ: PTEN) from Buy to Strong Buy. The firm boosted its price target on the stock from more than 56% from $24 to $37.50.

The firm cites the outlook given by Patterson earlier. Duncan Williams said "increased rig demand and rising dayrates in the land segment as well as strong demand in the pressure pumping business lead our estimates dramatically higher as the company plans to double its fracing capacity."

Duncan Williams upgrade follows Q4 results from the company this morning.

With shares of PTEN up about 1% to $24.41 at last check, the firm's new price target implies potential upside of about 54%.

For more ratings news on Patterson-UTI Energy click here and for the rating history of Patterson-UTI Energy click here.

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