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Stock Market & Financial Investment News

News Breaks
June 6, 2014
06:02 EDTPTENPatterson-UTI Energy acquires East Texas pressure pumping operations
Patterson-UTI Energy announced that one of its subsidiaries has entered into an agreement to acquire the East Texas-based pressure pumping operations of a privately held company. The acquisition includes 31,500 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with a new base of operations and employees to efficiently support drilling programs in East Texas and Louisiana. The pending transaction is subject to customary closing conditions and receipt of required third party consents, and is expected to close within 10 days. The acquired assets will supplement Patterson-UTI's existing Texas-based pressure pumping operations in the Permian Basin, the Eagle Ford shale of South Texas and the Barnett shale of North Texas.
News For PTEN From The Last 14 Days
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February 5, 2016
10:00 EDTPTENPatterson-UTI at Raymond James
Raymond James analyst Marshall Adkins raised Patterson-UTI's price target to $21 from $17 on shares following the strong Q4 report. The analyst expects robust pressure pumping margin guidance and high-end rigs should help to support profitability in a difficult 2016 oilfield demand environment. Given Patterson's strong financial health, contract backlog and top-tier competitive positioning, Adkins believes they will be one of the core oilfield names to own heading into an anticipated 2017 recovery and reiterates his Strong Buy rating.
February 4, 2016
06:07 EDTPTENPatterson-UTI reports Q4 EPS (40c), consensus (48c)
Reports Q4 revenue $339M, consensus $324.82M.
February 3, 2016
06:05 EDTPTENPatterson-UTI reports drilling activity for January
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February 2, 2016
07:18 EDTPTENJefferies sees relative value in Nabors Industries
Jefferies analyst Brad Handler believes shares of Nabors Industries (NBR) can outperform Patterson-UTI (PTEN) over the near term and Helmerich & Payne (HP) over the longer term. His analysis suggests Nabors likely avoids covenant breach and has adequate liquidity to weather the downturn. Handler keeps a Hold rating on Nabors, however, with a reduced price target of $7.

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