Patterson-UTI Energy Inc. (NASDAQ:PTEN) is one of the 10 oversold NASDAQ stocks to invest in right now.
On July 8, Charles Minervino from Susquehanna reduced his target price for Patterson-UTI Energy Inc. (NASDAQ:PTEN) from $14 to $12, leading to a revised upside potential of more than 39%
The analyst reiterated his Positive rating on the stock after making adjustments to his model prior to the earnings announcement. Photo by Viktor Kharlashkin on Unsplash Minervino noted that industry projections have undergone more changes following what he described as the “near-round trip” for commodity prices. Despite uncertainties linked with the U.S.-Iran conflict, he sees the mid-term landscape as favorable enough for the oilfield services segment, which can lead to elevated spending levels in the coming years.
On July 6, Patterson-UTI Energy Inc. (NASDAQ:PTEN) announced that during the month of June, the company recorded an average drilling rig count of 95 across the United States. This translates into an average count of 92 rigs within the U.S. during the three-month period ending in June. Back on June 16, Stephen Gengaro from Stifel increased the price target on Patterson-UTI Energy Inc. (NASDAQ:PTEN) from $14 to $15, resulting in an adjusted upside potential of over 73%.