Patterson-UTI price target raised to $12 from $10 at Piper Sandler

Piper Sandler raised the firm’s price target on Patterson-UTI to $12 from $10 and keeps a Neutral rating on the shares. The firm says the bullish tone on U.S. Land continued with both Liberty Energy (LBRT) and Patterson-UTI (PTEN) echoing tighter than appreciated frac markets with a lack of available capacity, indications of rig additions by the end of Q2, and improving market fundamentals to support OFS pricing power. This creates a positive rate of change story driving upward earnings revisions as EBITDA/fleet and daily margin begin to improve, Piper adds.