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PTEN

Patterson-UTI

$20.47

0.94 (4.81%)

13:50
09/26/17
09/26
13:50
09/26/17
13:50

Put buyers active in Patterson Energy

Put buyers active in Patterson Energy. The stock up three pennies to $20.50 and 4.4K Nov 19 puts trade for 70c midday, then 3K more for 75c in early-afternoon action. 7.7K trade at that line against 2.3K open interest and the flow is on track to open one of the largest open interest in the name, second only to the 10.1K at the Nov 20 put strike. Defensive positions in the November term capture PTEN earnings in late-October.

PTEN Patterson-UTI
$20.47

0.94 (4.81%)

09/05/17
09/05/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Disney (DIS) upgraded to Outperform from Market Perform at Wells Fargo with analyst Marci Ryvicker saying concerns over potential dilution from the BAMTech stake and the streaming apps are "widely overdone." 2. Patterson-UTI (PTEN) upgraded to Overweight from Neutral at JPMorgan with analyst Sean Meakim saying the 26% selloff since July 19 has created a buying opportunity. 3. lululemon (LULU) upgraded to Positive from Neutral at Susquehanna with analyst Sam Poser citing improved product mix, momentum carrying into the third quarter and inventory flow to stores that is finally supporting consumer engagement. 4. U.S. Steel (X) upgraded to Buy from Neutral at BofA/Merrill with analyst Timna Tanners saying the U.S. premium to Chinese prices has fallen to just about $75/ton, half the leves he considers "normal" and expects HRC can "surge toward $700/ton by year end. 5. Prologis (PLD) upgraded to Buy from Hold at SunTrust with analyst Ki Bin Kim citing valuation and several positive catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/05/17
JPMS
09/05/17
UPGRADE
JPMS
Overweight
Patterson-UTI upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Sean Meakim upgraded Patterson-UTI to Overweight saying the 26% selloff since July 19 has created a buying opportunity. Despite having "solid exposure to the best volume and pricing story left in North America," frac, Patterson-UTI is the cheapest land driller under coverage, Meakim tells investors in a research note. The analyst keeps a $24 price target on the shares.
08/31/17
SOCG
08/31/17
INITIATION
SOCG
Buy
Patterson-UTI initiated with a Buy at Societe Generale
Societe Generale analyst Edward Muztafago initiated Patterson-UTI with a Buy and a $22 price target due to large exposure to the US frac market. Muztafgo expects Patterson to benefit from a stronger backdrop for well completion activity combined with sunk drilling costs and a significant increase in drilled but uncompleted well backlog so far this year.
08/30/17
SBSH
08/30/17
UPGRADE
Target $19
SBSH
Buy
Patterson-UTI upgraded to Buy from Neutral at Citi
Citi analyst Scott Gruber upgraded Patterson-UTI (PTEN) to Buy while lowering his price target for the shares to $19 from $21. The analyst believes Patterson-UTI's recent underperformance to Keane Group (FRAC), a stock he downgraded this morning to Neutral, creates a better risk/reward profile. Gruber thinks sentiment toward land rigs "is approaching a bottom whereas sentiment toward pumping is better."

TODAY'S FREE FLY STORIES

STLD

Steel Dynamics

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BIDU

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BHP

BHP Billiton

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DRRX

Durect

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TTNP

Titan Pharmaceuticals

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MSA

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$82.20

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SKX

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, CAI

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BPMX

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MBVX

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FTR

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DRIO

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CUBI

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MVC

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CELG

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