Barclays lowered the firm’s price target on Patterson-UTI (PTEN) to $8 from $11 and keeps an Overweight rating on the shares. The company posted a strong Q1 and expects only a modest quarter-over-quarter decline in Q2, but visibility in the second half of the year is unclear with Patterson-UTI in “wait and see” mode on how companies respond to recent oil price volatility, the analyst tells investors in a research note.
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Read More on PTEN:
- Patterson-UTI Energy’s Earnings Call Highlights Resilience Amid Market Challenges
- Patterson-UTI price target raised to $13 from $12 at Stifel
- Patterson-UTI Energy Reports Steady Q1 2025 Performance
- Patterson-UTI reports Q1 EPS 0c, consensus (4c)
- Patterson-UTI sees ‘relatively steady’ rig count in Q2
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