Patterson-UTI Energy reports 207 drilling rigs operating in July Patterson-UTI Energy reported that for the month of July 2014, the company had an average of 207 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.
Patterson-UTI downgraded to Neutral from Buy at Citigroup Citigroup downgraded Patterson-UTI to Neutral citing the recent rally in shares and its belief onshore focused service providers are most at-risk of profit-taking. The firm keeps a $22 price target for the name.