Energy services company Key Energy Services Inc. (KEG:NYSE) has a bullish outlook for next year in part because because of strong land fundamentals in the U.S., according to investment bank Raymond James.

Research firm Macquarie Equities Research upgraded BlackPearl Resources (PXX:TSX) from a NEUTRAL rating to an OUTPERFORM rating and reduced its target price to C$7.50 a share.

Macquarie Equities Research maintained its OUTPERFORM rating for Bellatrix Exploration (BXE:TSX) but reduced its target share price to $6.25 from $7.00.

Energy services company Patterson-UTI Energy Inc.'s (PTEN:NASDAQ) 3Q11 results indicated earnings per share (EPS) of C$0.53, around 140,000 horsepower (hp) worth of pumping equipment deployed so far this year and seven new APEX rigs completed during the period.

Investment bank Raymond James recently announced that it was reiterating its Strong Buy rating for service provider Basic Energy Services (BAS:NYSE) and changing the company's target price to C$30.00.

Drilling equipment provider Trinidad Drilling Ltd. (TDG:TSX) recently released its 3Q11 results, which indicated that EBITDA for the period was C$69 million, slightly above the consensus estimate of C$67 million.

Consol Energy Inc. (CNX:TSX) announced Thursday that it will sell Noble Energy (NBL:TSX) a stake of its ownership in the Marcellus shale holdings for $3.4 billion.