Barclays Capital showed its love for the oil service and drilling industry today, upgrading the sector as a whole from "Neutral" to "Positive," including Patterson-UTI Energy (Nasdaq:PTEN), which they upgraded from "Underweight" to "Equal Weight."
Patterson-UTI Energy Inc. was also the top performer in the Russel 1000 Index, at one point gaining 7.8 percent to $13.95.
More news for Patterson on the day was the agreement to acquire pressure pumping and wireline businesses assets from Key Energy Services (NYSE:KEG) for about $240 million.
The transaction will be all cash, and will be funded via an expanded credit facility.
Patterson closed Tuesday at $13.73, gaining $0.79, or 6.11 percent.
No comments:
Post a Comment