Canaccord Cuts Target on Patterson-UTI (PTEN) to $21, Maintains Buy

Canaccord Genuity maintains a 'Buy' on Patterson-UTI Energy (NASDAQ: PTEN) price target of $21.00 (from $24.00).

Analyst, John Tasdemir, said, "PTEN reported adjusted EPS of $0.49, ahead of CG/Street at $0.46/$0.43. We attribute the beat to an unexpected 7% QoQ increase in margins within PTEN’s pressure pumping division. However, we expect weakness in demand/pricing across the N. American land drilling and pressure pumping markets relative to our previous forecast and have consequently trimmed our 2012/13E EPS from $2.00/$2.00 to $1.75/$1.75."

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 $15.65 yesterday.

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