Global Hunter Securities Upgrades Patterson-UTI Energy (PTEN) to Buy
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Price: $12.18 +1.00%
Rating Summary:
21 Buy, 15 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
21 Buy, 15 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Global Hunter Securities upgraded Patterson-UTI Energy (NASDAQ: PTEN) from Accumulate to Buy.
Global analyst says, "We have increased our rig count forecast, expecting the 2011 US rig count average to increase 21% over 2010's average, exiting the year just above 1,900 rigs. We also forecast a 9% increase in 2012, eclipsing 2,000 rigs in 2H. Flowing through our revised assumptions increases our 2011 and 2012 EPS estimates 22% and 48%, respectively, putting us 38% and 66% above respective consensus estimates. Our price targets increase for each driller and, on average, suggest 46% upside from current levels. We reiterate our Accumulate rating on Bronco (Nasdaq: BRNC) and Helmerich & Payne (NYSE: HP) and maintain our Buy rating on Pioneer (NYSE: PDC). We are lowering our rating on Nabors (NYSE: NBR) from Buy to Accumulate and upgrading Patterson-UTI (PTEN) and Union (Nasdaq: UDRL) to Buy from Accumulate."
For more ratings news on Patterson-UTI Energy click here and for the rating history of Patterson-UTI Energy click here.
Shares of Patterson-UTI Energy closed at $28.04 yesterday.
Global analyst says, "We have increased our rig count forecast, expecting the 2011 US rig count average to increase 21% over 2010's average, exiting the year just above 1,900 rigs. We also forecast a 9% increase in 2012, eclipsing 2,000 rigs in 2H. Flowing through our revised assumptions increases our 2011 and 2012 EPS estimates 22% and 48%, respectively, putting us 38% and 66% above respective consensus estimates. Our price targets increase for each driller and, on average, suggest 46% upside from current levels. We reiterate our Accumulate rating on Bronco (Nasdaq: BRNC) and Helmerich & Payne (NYSE: HP) and maintain our Buy rating on Pioneer (NYSE: PDC). We are lowering our rating on Nabors (NYSE: NBR) from Buy to Accumulate and upgrading Patterson-UTI (PTEN) and Union (Nasdaq: UDRL) to Buy from Accumulate."
For more ratings news on Patterson-UTI Energy click here and for the rating history of Patterson-UTI Energy click here.
Shares of Patterson-UTI Energy closed at $28.04 yesterday.
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