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Patterson-UTI upgraded to Buy from Hold at Jefferies

Jul. 11, 2016 3:59 PM ETPatterson-UTI Energy, Inc. (PTEN) StockPTENBy: Carl Surran, SA News Editor
  • Patterson-UTI (PTEN -1.6%) is lower despite earning an upgrade to Buy from Hold with a $25 price target, lifted from $19, at Jefferies, which believes PTEN is positioned to benefit from increased hydraulic fracturing demand expected over the next several years.
  • The firm foresees PTEN's pumping division revenues and EBITDA at a respective 15% and 45% higher in 2020 than the peak quarterly run-rate of the prior cycle, citing on a combination of more equipment and higher per-job profitability.

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