Patterson-UTI Energy (PTEN) PT Raised to $13 at Piper Sandler

Piper Sandler analyst Derek Podhaizer raised the price target on Patterson-UTI Energy (NASDAQ: PTEN) to $13.00 (from $12.00) while maintaining a Neutral rating.

The analyst commented: "US Shale Activity Inflection Underway; This morning, PTEN published an investor presentation, including an update to both its US Land drilling and frac outlook noting the US shale activity inflection is underway. The main headline is mgmt revised 2Q26 EBITDA estimates higher to $220mm above $206mm consensus. Commentary across rigs and frac was positive, including mgmt's expectation to exit 2Q26 at 95 US Land rigs (vs.92-95 previously), to exit 2026 at 100+ rigs (implies 575 industry rig count vs. 536 today), leading edge dayrates up mid-single digits vs. early 2026, better than expected 2Q26 frac results driven by pricing tailwinds with further improvement in 3Q26, and a $100mm increase to its 2026 capex budget to support both rig upgrades to Tier-1+ super-spec and investment in next-gen frac equipment. Despite the positive update, PTEN slid 2%, underperforming a flat OIH, likely due to WTI down 3% driven by Middle East headlines around a potential peace deal."

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