Zacks Investment Research upgraded shares of Patterson-UTI Energy, Inc. (PTEN) from NEUTRAL to OUTPERFORM on September 15, 2014, with a target price of $38.00.
We are upgrading Patterson-UTI Energy shares to Outperform from Neutral. Buoyed by the company's growing premium land rig fleet and the expected demand growth for such services, we think that the current recommendation upgrade is justified and adequately reflects its growth prospects. Patterson-UTI has been investing significantly over the last few years in building new rigs and upgrading oil rigs to the international standard. This should give the company an edge over its competitors. Moreover, Patterson-UTI reported strong second quarter results on the back of growing customer demand for rigs of high specification. As such, we believe Patterson-UTI Energy is well positioned for the days ahead and view it as an attractive investment.
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