Even though Canaccord Genuity kept their "Hold" rating on Patterson-UTI Energy (Nasdaq:PTEN), they see a potential catalyst in their traditionally strong markets, specifically in rig deployments and pressure pumping fleet.
Canaccord said, "Although we have PTEN at a HOLD, we continue to warm up to the story as we believe that the next catalysts could come in the integration and expansion of its pressure pumping fleet and further rig deployments in PTEN’s traditionally strong geographic markets. We are biased to the upside on PTEN and have admittedly been caught a little flat footed with PTEN’s outperformance over the past two months."
Patterson closed Friday at $19.41, gaining $0.24, or 1.25 percent. Canaccord has a price target of $22 on the company.
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