Jefferies Downgrades Patterson-UTI Energy (PTEN) to Underperform
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Rating Summary:
21 Buy, 16 Hold, 6 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Jefferies downgraded Patterson-UTI Energy (NASDAQ: PTEN) from Hold to Underperform with a price target of $12.00.
Analyst Brad Handler cited: (1) sharper estimate reductions for 2015/16 and (2) "OFS without the top of the cost curve." "The latter undermines deepwater development, "forces" asset obsolescence and challenges non-core activity levels (even in the U.S., at least on a mid-cycle basis)," he commented.
The analyst also notes rig obsolescence and lower normalized day rates.
For an analyst ratings summary and ratings history on Patterson-UTI Energy click here. For more ratings news on Patterson-UTI Energy click here.
Shares of Patterson-UTI Energy closed at $17.16 yesterday.
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