UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Patterson-UTI Energy on NA Activity Potential
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Patterson-UTI Energy (NASDAQ: PTEN), and raised its price target from $25.00 to $30.00.
BMO Capital Markets noted, “Yesterday, we hosted Patterson-UTI management in Toronto, visiting with numerous investors. Recognizing that NA headwinds have calmed substantially, we are increasingly convinced that what began as more of a technical inflection trade for NA land is becoming something more fundamentally investable. We are again upping our target, this time to $30 as the stones in the mosaic suggest investors should begin to ponder the ‘what if?' potential an up move in NA activity could hold.”
Patterson-UTI Energy closed on Tuesday at $24.37.
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