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Fly News Breaks for July 31, 2017
PTEN
Jul 31, 2017 | 07:29 EDT
UBS analyst Angie Sedita lowered her price target on Patterson-UTI to $25 from $35 to reflect an assumption of flattening for U.S. land rig day rates until the rig count stabilizes. The analyst lowered the valuation due to lower oil prices but believes its multiple reflects its more attractive frac exposure. Sedita maintained her Buy rating on Patterson-UTI shares.
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