Patterson-UTI Energy valuation range raised to $22-$24 from $15-$17 at Wells Fargo

February 12, 2013

Wells Fargo increased its valuation range on Patterson-UTI Energy as the firm expects the company to benefit from higher margins, six new Tier 1 deliveries this year, and greater demand for pressure pumps. The firm, however, maintains a Sector Perform rating on the stock.