Citi lowered its price target on Patterson-UTI Energy to $10.50 from $11 while maintaining a Neutral rating. The revised target still implies about 10% upside from current levels. Citi noted that land drilling companies are at a crossroads and expects momentum to continue into the third quarter, but warned that further upside beyond that is at risk after the 2027 oil price strip recently fell toward $66 per barrel following the US-Iran agreement and the reopening of the Strait of Hormuz. Earlier in June, Stifel raised its price target on Patterson-UTI by $1 and reiterated a Buy rating.
Patterson-UTI Energy IncCiti lowered price target from $11 to $10.50, citing risk from falling 2027 oil price strip after US-Iran agreement and Strait of Hormuz reopening.