Patterson-UTI upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Patterson-UTI (PTEN) to Overweight from Equal Weight with a price target of $15, up from $10. The firm adjusted ratings and price targets in the energy services group, saying the sector faces its best setup in 20 years. Barclays upgraded is industry view to Positive from Neutral. Once the “supply shock” ends, oil prices will be structurally higher with upstream spending accelerating in 2027 and 2028, the analyst tells investors in a research note. Barclays sees this driving an earnings revision cycle and potential re-rating of stocks. The events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the energy services sector, according to Barclays. The firm upgraded six names and downgraded two