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What Wall Street Projects for PTEN after 2Q17 Earnings

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Wall Street’s forecasts for PTEN

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Analysts’ rating for Patterson-UTI Energy

On August 1, 2017, approximately 59% of analysts tracking Patterson-UTI Energy rated it a “buy” or some equivalent. Approximately 37% rated the company a “hold.” Only 4% of the analysts recommended a “sell” or an equivalent. Patterson-UTI Energy makes up 2.8% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ fell 6% in the past year versus a 3% rise in PTEN’s stock price.

By comparison, approximately 89% of analysts tracking Halliburton (HAL) rated it a “buy” or some equivalent on August 1. Approximately 8% rated the company a “hold,” and the rest have rated it a “sell” or an equivalent.

Analysts’ rating changes for PTEN

From May 1, 2017, to August 1, 2017, the percentage of analysts recommending a “buy” or some equivalent for PTEN has fallen from 63% to 59%. Analysts’ “hold” recommendations have risen for PTEN during the same period. A year ago, ~52% of the sell-side analysts recommended a “buy” for PTEN.

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Analysts’ target prices for PTEN

On August 1, 2017, Wall Street analysts’ mean target price for PTEN was ~$25.5. PTEN is currently trading at ~$19.3, implying a ~32% upside at its mean target price. A month ago, analysts’ average target price for PTEN was $27.4.

Target prices for PTEN’s peers

The mean target price surveyed among sell-side analysts for CARBO Ceramics (CRR) was $8.9 on August 1. CRR is currently trading at ~$6.5, implying a 37% upside at its average target price. The mean target price surveyed among the sell-side analysts for Core Laboratories (CLB) was $114.4 on August 1. CLB is currently trading at ~$101.7, implying a 12% upside at its average target price.

Next, we’ll discuss Wall Street’s forecasts for Basic Energy Services.

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