Patterson-UTI Energy reported better-than-expected Q1 2026 earnings and revenue, prompting Barclays to raise its price target.
Barclays increased its price target for Patterson-UTI Energy (NASDAQ:PTEN) to $10 from $8, maintaining an ‘Equal Weight’ rating. The adjustment follows the company’s Q1 2026 results, which exceeded earnings and revenue estimates reported on April 22.
Patterson-UTI Energy’s U.S. onshore rig count remained stable compared to pre-war levels, but management signaled upcoming rig additions. The company expects an average of 90 rigs in Q2 2026, with adjusted gross profit in Drilling Services targeted at approximately $130 million. Barclays anticipates higher completion activity by Q3.
Patterson-UTI also declared a $0.10 per share quarterly dividend on April 23, yielding 3.46% annually.