RBC Capital Remains a Buy on Patterson-UTI

By Ryan Adsit

RBC Capital analyst Kurt Hallead reiterated a Buy rating on Patterson-UTI (NASDAQ: PTEN) yesterday and set a price target of $35. The company’s shares closed yesterday at $22.82.

According to TipRanks.com, Hallead is a 5-star analyst with an average return of 11.1% and a 53.2% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Energy Transfer Partners LP, and Diamond Offshore Drilling.

Patterson-UTI has an analyst consensus of Moderate Buy, with a price target consensus of $31.67.

The company has a one year high of $29.76 and a one year low of $16.77. Currently, Patterson-UTI has an average volume of 4.25M.

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Patterson-UTI Energy, Inc. engages in the provision of onshore contract drilling services to major and independent oil and natural gas operators in the continental United States, Alaska and western and northern Canada. It operates through the following segments: Contract Drilling, Pressure Pumping Services and Oil and Natural Gas Properties. The Contract Drilling segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping segment provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.