Patterson-UTI price target raised to $14 from $12 at RBC Capital

RBC Capital analyst Keith Mackey raised the firm’s price target on Patterson-UTI (PTEN) to $14 from $12 and keeps an Outperform rating on the shares. The company reported solid results and the conference call struck a constructive tone, with management focusing on improving returns of its existing asset base before adding incremental capacity, the analyst tells investors in a research note.