Halliburton, Patterson-UTI raised at Piper Sandler following volatile YTD

Piper Sandler upgraded Halliburton (HAL) and Patterson-UTI Energy (PTEN) to Overweight from Neutral, citing solid U.S. land drilling fundamentals and improving supply/demand dynamics despite recent oil price retreats. Analyst Derek Podhaizer highlighted attractive entry points after stock pullbacks, noting that while pricing remains below 2023 highs, frac attrition limits equipment supply. The firm sees positive earnings revision potential driven by constructive oil prices and activity growth, with HAL also benefiting from its VoltaGrid stake.