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Fly News Breaks for August 30, 2017
FRAC, PTEN
Aug 30, 2017 | 06:16 EDT
Citi analyst Scott Gruber upgraded Patterson-UTI (PTEN) to Buy while lowering his price target for the shares to $19 from $21. The analyst believes Patterson-UTI's recent underperformance to Keane Group (FRAC), a stock he downgraded this morning to Neutral, creates a better risk/reward profile. Gruber thinks sentiment toward land rigs "is approaching a bottom whereas sentiment toward pumping is better."
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