UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Patterson-UTI Energy on Strong 4Q12 Results

In a report published Friday, Goldman Sachs reiterated its Neutral rating on Patterson-UTI Energy PTEN, and raised its price target from $20.00 to $22.50. Goldman Sachs noted, “PTEN reported very strong 4Q12 results, with the highlight being better than anticipated pressure pumping activity in the quarter. Management reported a noteworthy uptick in activity from existing customers who began completing a backlog of wells that had previously been drilled, while higher contributions from 24-hour operations and multi-well pads boosted margins as well. This allowed the company to commission about 50k hhp of idle equipment during the quarter. The company expects that pressure pumping activity will continue to rebound, stating plans to deploy all of its remaining parked new capacity by the end of 1Q13.” Patterson-UTI Energy closed on Thursday at $22.90.