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Fly News Breaks for May 26, 2015
PTEN
May 26, 2015 | 07:22 EDT
CLSA downgraded Patterson-UTI to Underperform from Outperform despite raising its price target to $22 from $17. CLSA's analyst believes the advancement of unconventional drilling has been one of the most disruptive technologies in the sectors' history and will derail cycle normalization near-term. The firm believes the industry will need half as many rigs to keep production flat until attrition right-sizes the industry.
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