UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on Patterson-UTI Energy on Multiple Positive Factors

In a report published Friday, Wunderlich Securities analyst Jason A. Wangler reiterated a Hold rating on

, and raised the price target from $26.00 to $28.00. In the report, Wunderlich Securities noted, “Patterson-UTI Energy (PTEN) reported an in-line 3Q14 as EPS of $0.47 was in line with the Street's $0.47 forecast and slightly ahead of our $0.46 estimate. PTEN saw higher-than-expected revenues due to very strong demand for drilling rigs and completion work; though some logistical and weather issues on the completion side muted the EBITDA from the segment somewhat. PTEN also indicated some solid/in-line forecasts for 4Q14 with a higher rig count and sequential growth in the completion segment generating solid returns. We had expected the strong 3Q14 and solid 4Q14 guidance given the activity levels for 2014 are expected to remain; but with 2015 still a bit up in the air, we remain on the sidelines until a more clear picture emerges, but would point out PTEN is preparing for a robust 2015.” Patterson-UTI Energy closed on Thursday at $25.81.