Equity Research Upgrades EPS And PT On Patterson-UTI Energy (PTEN)

Equity Research upgraded its earnings per share estimates and price target on Patterson-UTI Energy

in a research report published today. In the report, Equity states, "Reflecting our continued conviction about a strong market in the US for horizontal drilling in the shales through 2012; continued strengthening in pricing -- particularly in land rigs but also in pressure pumping; and also the strategic decision to build 25 new APEX fit-for-purpose rigs in 2012, we are raising our EPS estimate from what had been a high on the street of $2.15 and $2.65 to $2.25 and $3.00." Equity also moved its price target from $34 to $40. Equity currently has a Buy rating on Patterson-UTI's shares. On Friday, Patterson-UTI lost 0.48% to end the week at $31.12.