Patterson-UTI price target raised to $10 from $8 at Barclays

Barclays raised the firm’s price target on Patterson-UTI (PTEN) to $10 from $8 and keeps an Equal Weight rating on the shares post the Q1 report. While the U.S. onshore rig count is flat relative to before the Iran conflict levels, the company’s commentary indicated we’ll start seeing rig adds in the next few weeks, the analyst tells investors in a research note. Barclays expects this to drive higher completions activity by Q3.