UPDATE: Goldman Sachs Upgrades Patterson-UTI Energy on Price Increase Forecast

In a report published Monday, Goldman Sachs analyst Waqar Syed upgraded the rating on Patterson-UTI Energy (NASDAQ: PTEN) from Neutral to Conviction List-Buy, and raised the price target from $28.50 to $37.00.

In the report, Goldman Sachs noted, “Given our price increase forecast for drilling rigs and PP, we add PTEN, the second largest land driller and premier Marcellus/Permian pressure pumper, to the CL. HAL – the leading US pressure pumper – is already on the CL. We upgrade BHI to Buy, as an improving PP market should help it reach margin targets.”

Patterson-UTI Energy closed on Friday at $28.79.