Seeking Alpha

Patterson-UTI +4.3% as Goldman adds to Conviction Buy List

  • Patterson-UTI Energy (PTEN +4.3%) is upgraded to Buy from Neutral with a new $37 price target, up from $28.50, at Goldman Sachs on expectations for higher onshore pricing in North America that should help PTEN reach margin targets.
  • Goldman says it is adding PTEN, the second largest land driller and premier Marcellus and Permian pressure pumper, to its Conviction Buy list given its price increase forecast for drilling rigs and pressure pumping; Halliburton (HAL +2.3%), the leading U.S. pressure pumper, already is on Goldman's list.
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