Patterson-UTI Energy reports December drilling activity Patterson-UTI Energy reported that for the month of December 2013, the company had an average of 187 drilling rigs operating in the United States and 9 rigs in Canada. For the three months ended December 31, 2013, the company had an average of 183 drilling rigs operating in the United States and 9 rigs in Canada. Average drilling rigs operating reported in the company's monthly announcements represent the average number of the company's drilling rigs that were operating under a drilling contract. The company cautioned that numerous factors in addition to average drilling rigs operating can impact the company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the company's financial performance. The company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
Patterson-UTI downgraded to Accumulate from Buy at Global Hunter Global Hunter downgraded Patterson-UTI to Accumulate with an $18 price target. The firm downgraded shares citing an uncertain E&P spending outlook and high consensus expectations.