Patterson-UTI price target raised to $10 from $7 at Morgan Stanley

Morgan Stanley analyst Joe Laetsch raised the firm’s price target on Patterson-UTI (PTEN) to $10 from $7 and keeps an Equal Weight rating on the shares. Beyond the Middle East disruption, the firm expects higher oil prices to be supportive of increased upstream capital spending, says the analyst, who notes that the firm’s 2027/2028 EBITDA estimates are now about 6% above consensus on average for the firm’s energy services and equipment coverage.