Patterson-UTI Gets a Hold Rating from Cowen & Co.

By Jason Carr

In a report issued on September 14, Marc Bianchi from Cowen & Co. reiterated a Hold rating on Patterson-UTI (NASDAQ: PTEN), with a price target of $24. The company’s shares closed on Friday at $18.66.

According to TipRanks.com, Bianchi is ranked 0 out of 5 stars with an average return of -13.2% and a 31.4% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Baker Hughes a GE company, and Diamond Offshore Drilling.

Currently, the analyst consensus on Patterson-UTI is Strong Buy and the average price target is $23.63, representing a 26.6% upside.

In a report issued on September 5, BMO Capital also reiterated a Hold rating on the stock with a $23 price target.

The company has a one year high of $29.76 and a one year low of $14.83. Currently, Patterson-UTI has an average volume of 4.38M.

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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.