Patterson-UTI Energy price target raised to $44 from $39 at RBC Capital RBC Capital increased its price target on Patterson-UTI Energy as the firm is positive on the outlook for U.S. land drillers and likes the company's frac operating leverage, improving cash margins and valuation. The firm keeps an Outperform rating on the shares.
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.