With an annual dividend yield of 3.32%, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is included among the 10 High Yield Crude Oil Stocks to Buy Now.
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 4, Goldman Sachs trimmed its price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from $23 to $13, but kept its ‘Buy’ rating on the shares. The lowered target still reflects an upside potential of over 21% from the current price level.
Goldman Sachs highlighted Patterson-UTI’s recently increased second-quarter guidance, driven by the stronger demand and higher pricing, which is an attractive way for investors to gain exposure to the North American energy market. According to the analyst, the new price target comes on the back of increased EBITDA estimates, reflecting the expectations for higher activity and improved pricing across drilling and pressure pumping in North America.
On the other hand, RBC Capital slightly raised its price target on Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from $14 to $15 on May 29. The firm also maintained its ‘Outperform’ rating on the stock.
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