Barclays Sees Deep Value in Patterson-UTI Energy (PTEN); Cuts Numbers on Pause in Newbuild Demand

Barclays maintains an 'Overweight' on Patterson-UTI Energy (NASDAQ: PTEN) price target cut from $33 to $26.

Analyst, James C. West, said, "Given the near-term challenges facing its pressure pumping business, we think the Patterson-UTI story is shifting to one of deep value. While near-term stimulation margins will be pressured, over time we expect higher investments in liquids plays to offset softening in gas plays, which should benefit both its pressure pumping business and newbuild rigs."

FY12 EPS estimate cut from $2.55 to $2.05 and FY13 from $2.95 to $2.05.

For an analyst ratings summary and ratings history on Patterson-UTI Energy click here. For more ratings news on Patterson-UTI Energy click here.

Shares of Patterson-UTI Energy closed at $16.18 yesterday.

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