Susquehanna raised the firm’s price target on Patterson-UTI (PTEN) to $13 from $10 and keeps a Positive rating on the shares. The firm adjusted targets in oilfield services as part of a Q1 preview. The Iran conflict has been a “significant positive catalyst” for commodity prices and oil and gas stocks, the analyst tells investors in a research note. Susquehanna reduced estimates for oilfield services names with Middle East exposure due to increased expenses, disruptions, and some potential project delays. However, the medium- and long-term effects are now more positive for the sector as supply conditions tighten, adds the firm.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PTEN:
- Patterson-UTI reports 90 drilling rigs operating in the U.S. in March
- Patterson-UTI price target raised to $9 from $7 at Goldman Sachs
- Patterson-UTI price target raised to $9 from $7 at Piper Sandler
- Patterson-UTI price target raised to $9 from $7 at Citi
- Patterson-UTI price target raised to $8 from $6 at Barclays