Citi Lowers Price Target on Patterson-UTI Energy (PTEN), Maintains Neutral Rating

With an annual dividend yield of 4.36%, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is included among the 10 Energy Stocks with Highest Dividends.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries.

On June 29, Citi lowered its price recommendation on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from $11 to $10.50, while maintaining a ‘Neutral’ rating on the shares. The trimmed target still indicates an upside of 10% from the current levels.

Citi revised its models for the land drilling sector, noting that the companies in the group are at a “crossroads”. The analyst firm believes that this momentum should continue into the third quarter, but cautioned that further upside beyond that quarter is at risk. This is because after the US-Iran agreement and the reopening of the Strait of Hormuz, the 2027 oil price strip has recently fallen toward $66 per barrel.

Meanwhile, earlier on June 16, Stifel analyst Stephen Gengaro raised the firm’s price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by $1 and reiterated a ‘Buy’ rating on the shares (read more details here).

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