Cowen maintained an Outperform rating on Patterson-UTI Energy (NASDAQ: PTEN), and cut the price target to $18.00 (from $20.00), following the company's 3Q15 earnings results. Adjusted EPS of a loss of 26c beat consensus loss of 34c, however adj. EPS includes ~13c of benefit from non-recurring early termination fees.

Analyst Marc Bianchi commented, "PTEN remains our favored stock among the land drillers owing to FCF generation, an attractive CF/BS position and exposure to pressure pumping which we believe will be early to improve in a market recovery. Reiterate Outperform."

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Shares of Patterson-UTI Energy closed at $14.72 yesterday.