Among the onshore contract drillers, we are positive on Patterson-UTI Energy (Nasdaq: PTEN). The Texas-based company, which had heavy spot market exposure, was hit badly by the financial crisis with operators tending to release land rigs to preserve cash. However, Patterson-UTI has recovered almost all its lost market share and its long-term outlook seems compelling on the back of recent acquisition of certain assets of onshore well service rig provider Key Energy Services.
Source: Zacks
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