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Fly News Breaks for March 3, 2016
PTEN
Mar 3, 2016 | 07:29 EDT
Stephens analyst Matthew Marietta downgraded Patterson-UTI to Underweight from Equal Weight as he expects the company's condition to deteriorate as the oil downturn continues lower and expects its leverage to rise over the next 12-18 months. Marietta notes, however, that he doesn't see near-term liquidity risk for Patterson-UTI and has a favorable view of its chances for survival compared to its peers. The analyst raised his price target on Patterson-UTI shares to $12 from $10.
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