Raymond James (NYSE:RJF) upgraded Patterson-UTI Energy (Nasdaq:PTEN) from "Outperform" to "Strong Buy," increasing their price target from $20 to $22.
Patterson-UTI, among onshore drillers, is among the favorites of a number of commentators and analysts, as Jefferies also upgraded the stock earlier in September.
Because operators released land rigs during the recession to safe capital, Patterson was significantly weakened. Now almost all the market share they lost at that time has been regained.
Since August 25 when the stock stood at $13.90, it has made a nice upward move, although it is still almost level with the $16.23 it was at on July 30.
Patterson closed Thursday at $16.45, gaining $0.05, or 0.30 percent. Volume was almost identical to the 3-month daily average.
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