BofA Securities analyst Saurabh Pant maintains $Patterson-UTI Energy (PTEN.US)$ with a buy rating, and adjusts the target price from $12.5 to $10.5.
According to TipRanks data, the analyst has a success rate of 40.0% and a total average return of -2.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Patterson-UTI Energy (PTEN.US)$'s main analysts recently are as follows:
A weakening in global oil demand growth coupled with plentiful supply is forecasted to present a challenging environment for Oilfield Services stock selection by 2025. It is believed that the current global oil supply and demand situation requires an immediate flattening of U.S. Land oil production. As a result, there has been an average reduction of 6% in price targets across the sector.
The firm has revised its outlook for the second half of 2024 and the year 2025 for U.S. activity, while also slightly lowering expectations for international growth during 2025. This has led to a reduction in estimates for covered oilfield services companies. The current projection is for roughly unchanged U.S. activity through 2025, and overall, the firm perceives a scarcity of immediate catalysts for stocks in this sector, except for the strong generation of free cash and returns of cash to shareholders.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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