Jefferies analyst Brad Handler downgraded Patterson-UTI Energy (PTEN) to Hold from Buy and lowered his price target for the shares to $11.50 from $14.50. Pricing declines loom for the high end of the contract drilling market as utilization falls to around 85% by the end of 2019, Handler tells investors in a research note. The "dirty secret" is that "Super-Spec" supply is still rising, adds the analyst. He reduced his 2020 EBITDA estimates by an average of 17% for Patterson-UTI, Nabors Industries (NBR), Helmerich & Payne (HP) and Precision Drilling (PDS), and is now near the low end of consensus.