Wells Fargo Upgrades Patterson-UTI Energy (PTEN) to Outperform; Nice Entry For Next Leg In This Tier 1 & Frac Success Story

Wells Fargo upgraded Patterson-UTI Energy (NASDAQ: PTEN) from Market Perform to Outperform with a price target range from $39 to $44.

Wells analyst says, "In the U.S. land drilling market, PTEN has deftly leveraged robust, secular refleeting demand and its relationships across shale plays to successfully execute an aggressive, speculative newbuild strategy. Its Tier 1 fleet is the 3rd largest and growing fast, while its legacy Tier 3 fleet has considerable reactivation potential. On the hydraulic fracturing side, between late-10 and late-12, PTEN plans to nearly double capacity to pursue opportunities in its core Texas and Appalachia markets. Finally, we believe PTEN trades at an excessive discount to Helmerich & Payne (NYSE: HP) and Nabors (NYSE: NBR)."

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 $30.52 yesterday.

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