UPDATE - Barclays Upgraded Patterson-UTI Energy (PTEN) to Overweight; More Positive on North America; Compelling NAV
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Price: $12.34 +1.31%
Rating Summary:
21 Buy, 15 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
21 Buy, 15 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Barclays upgraded Patterson-UTI Energy (NASDAQ: PTEN) from Equalweight to Overweight, price target raised from $30 to $35.
Barclays analyst says, "We believe PTEN shares have been unfairly punished over the last several months due to the company's exposure to NAM and pressure pumping in particular. While there may be some seasonality in the North American rig count and a drop in the gas rig count as a result of sub-$4 natural gas prices, we believe this is well discounted in the shares. While the land drilling group is attractive on valuation, PTEN shares are trading at a higher discount versus peers on an EV/EBITDA basis. In addition, since early August when WTI prices began to roll over, PTEN shares are down 20% versus Nabors Industries (NYSE: NBR) which is down 7% and Helmerich & Payne (NYSE: HP) which is up 9%."
To see more ratings on PTEN, Click Here
Barclays analyst says, "We believe PTEN shares have been unfairly punished over the last several months due to the company's exposure to NAM and pressure pumping in particular. While there may be some seasonality in the North American rig count and a drop in the gas rig count as a result of sub-$4 natural gas prices, we believe this is well discounted in the shares. While the land drilling group is attractive on valuation, PTEN shares are trading at a higher discount versus peers on an EV/EBITDA basis. In addition, since early August when WTI prices began to roll over, PTEN shares are down 20% versus Nabors Industries (NYSE: NBR) which is down 7% and Helmerich & Payne (NYSE: HP) which is up 9%."
To see more ratings on PTEN, Click Here
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