Even though Canaccord Genuity kept their "Hold" rating on Patterson-UTI Energy (Nasdaq:PTEN), they see a potential catalyst in their traditionally strong markets, specifically in rig deployments and pressure pumping fleet.
Canaccord said, "Although we have PTEN at a HOLD, we continue to warm up to the story as we believe that the next catalysts could come in the integration and expansion of its pressure pumping fleet and further rig deployments in PTEN’s traditionally strong geographic markets. We are biased to the upside on PTEN and have admittedly been caught a little flat footed with PTEN’s outperformance over the past two months."
Patterson closed Friday at $19.41, gaining $0.24, or 1.25 percent. Canaccord has a price target of $22 on the company.
Showing posts with label Patterson-UTI Energy. Show all posts
Showing posts with label Patterson-UTI Energy. Show all posts
Monday, November 1, 2010
Friday, October 22, 2010
Tesoro (NYSE:TSO) Patterson-UTI (Nasdaq:PTEN) ECA Marcellus Trust (NYSE:ECT) Rated by RBC Capital
RBC Capital said it has made some changes on some of its ratings on oil and gas stocks, including Tesoro Corp. (NYSE:TSO), Patterson-UTI Energy (Nasdaq:PTEN) and ECA Marcellus Trust (NYSE:ECT).
Patterson-UTI Energy (Nasdaq:PTEN) was upgraded from "Sector Perform" to "Outperform," with their price target raised from $23 to $27. Patterson closed at $19.44, dropping $0.11, or 0.56 percent.
Tesoro Corp. was downgraded from "Outperform" to "Sector Perform," with a price target on them of $15 a share. Tesoro closed Thursday at $13.14, losing $0.78, or 5.60 percent.
RBC initiated coverage on ECA Marcellus Trust with an "Outperform" rating, and a price target of $25. ECA ended Thursday's trading session at $23.34, falling $0.22, or 0.93 percent.
Patterson-UTI Energy (Nasdaq:PTEN) was upgraded from "Sector Perform" to "Outperform," with their price target raised from $23 to $27. Patterson closed at $19.44, dropping $0.11, or 0.56 percent.
Tesoro Corp. was downgraded from "Outperform" to "Sector Perform," with a price target on them of $15 a share. Tesoro closed Thursday at $13.14, losing $0.78, or 5.60 percent.
RBC initiated coverage on ECA Marcellus Trust with an "Outperform" rating, and a price target of $25. ECA ended Thursday's trading session at $23.34, falling $0.22, or 0.93 percent.
Monday, October 18, 2010
Patterson-UTI (Nasdaq:PTEN) Upgraded by Credit Suisse (NYSE:CS), Weeden
Patterson-UTI (Nasdaq:PTEN) soared on Friday after being upgraded two levels by Credit Suisse (NYSE:CS), and also receiving an upgrade from Weeden.
Credit Suisse upgraded them from "Underperform" to "Outperform." Weeden upgraded Patterson from "Hold" to "Buy."
Weeden increased their price target from $19 to $22, while Credit Suisse bumped them up from $17 to $23.
Patterson closed the week at $19.54, gaining $1.04 on Friday, or 5.62 percent.
The company supplier of oil and natural gas services has been soaring since the latter part of August when it was below $14 a share.
Credit Suisse upgraded them from "Underperform" to "Outperform." Weeden upgraded Patterson from "Hold" to "Buy."
Weeden increased their price target from $19 to $22, while Credit Suisse bumped them up from $17 to $23.
Patterson closed the week at $19.54, gaining $1.04 on Friday, or 5.62 percent.
The company supplier of oil and natural gas services has been soaring since the latter part of August when it was below $14 a share.
Friday, October 15, 2010
Patterson-UTI (Nasdaq:PTEN) Upgraded Two Notches by Credit Suisse (NYSE:CS)
Credit Suisse (NYSE:CS) upgraded Patterson-UTI (Nasdaq:PTEN) two notches today from "Underperform" to "Outperform."
Patterson is a provider of onshore contract drilling services to independent oil and natural gas operators in the United States and Canada.
At 12:32 PM EDT, was up to $19.42, gaining $0.92, or 4.97 percent.
Credit Suisse has a price target of $23 on them, increasing it from $17.
Trading volume has already exceeded the daily three month average of 4,710,340 shares.
Patterson is a provider of onshore contract drilling services to independent oil and natural gas operators in the United States and Canada.
At 12:32 PM EDT, was up to $19.42, gaining $0.92, or 4.97 percent.
Credit Suisse has a price target of $23 on them, increasing it from $17.
Trading volume has already exceeded the daily three month average of 4,710,340 shares.
Wednesday, October 6, 2010
Barclays (NYSE:BCS) Sees Strong Third Quarter for Noble (NYSE:NE), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI), Others
After visiting a number of U.S. Oil Services & Drilling companies last week in their Oilfield Tour in Houston, Texas, Barclays (NYSE:BCS) said they see most companies performing strongly in the third quarter in the sector.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Friday, September 24, 2010
Patterson-UTI (Nasdaq:PTEN) Upgraded by Raymond James (NYSE:RJF)
Raymond James (NYSE:RJF) upgraded Patterson-UTI Energy (Nasdaq:PTEN) from "Outperform" to "Strong Buy," increasing their price target from $20 to $22.
Patterson-UTI, among onshore drillers, is among the favorites of a number of commentators and analysts, as Jefferies also upgraded the stock earlier in September.
Because operators released land rigs during the recession to safe capital, Patterson was significantly weakened. Now almost all the market share they lost at that time has been regained.
Since August 25 when the stock stood at $13.90, it has made a nice upward move, although it is still almost level with the $16.23 it was at on July 30.
Patterson closed Thursday at $16.45, gaining $0.05, or 0.30 percent. Volume was almost identical to the 3-month daily average.
Patterson-UTI, among onshore drillers, is among the favorites of a number of commentators and analysts, as Jefferies also upgraded the stock earlier in September.
Because operators released land rigs during the recession to safe capital, Patterson was significantly weakened. Now almost all the market share they lost at that time has been regained.
Since August 25 when the stock stood at $13.90, it has made a nice upward move, although it is still almost level with the $16.23 it was at on July 30.
Patterson closed Thursday at $16.45, gaining $0.05, or 0.30 percent. Volume was almost identical to the 3-month daily average.
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