The firm raised its rating on the stock to "overweight" from "neutral" this morning, according to the Fly.
Piper said shares are attractively valued relative to peers.
The firm assumes that the company's rig count will increase to 169 rigs by late 2018 from 55 rigs this quarter, the Fly noted.
Patterson-UTI is a Synder, TX-based company that owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the U.S.
Additionally, oil prices are gaining today. Crude oil (WTI) are advancing 3.22% to $49.39 per barrel and Brent crude is rising 3.09% to $50.08 per barrel this afternoon.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PTEN