Patterson-UTI Energy upgraded to Buy from Speculative Buy at Global Hunter Global Hunter upgraded Patterson-UTI Energy following the Q4 report citing equipment upgrades, newbuilds, rate improvements, and cost controls. Price target raised to $33 from $22.
Patterson-UTI reports August average of 106 drilling rigs operating in U.S. Patterson-UTI reported that for the month of August, the company had an average of 106 drilling rigs operating in the United States and four rigs in Canada. For the two months ended August 31, the company had an average of 109 drilling rigs operating in the United States and four rigs in Canada.
Patterson-UTI downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Patterson-UTI to Market Perform and cut its rating on the Land Drilling sector to Market Weight from Overweight. The firm believes weakness in the global oil market is likely to persist into 2016 and lowered its price target range for shares to $15-$19 from $22.50-$25.