Patterson-UTI price target raised to $13 from $12 at Stifel

Stifel raised the firm’s price target on Patterson-UTI (PTEN) to $13 from $12 and keeps a Buy rating on the shares following what the firm calls “solid” Q1 results and a better-than-expected Q2 outlook. Geopolitical tensions and potential headwinds from softening commodity prices remain a headwind, but Patterson-UTI’s “high-quality assets appear well positioned,” the analyst tells investors in a post-earnings note.