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Fly News Breaks for July 27, 2018
PTEN
Jul 27, 2018 | 07:34 EDT
Seaport Global analyst Mike Urban upgraded Patterson-UTI to Buy from Neutral and lowered its price target to $20 from $26. Urban believes valuation now reflects Patterson's 1.3MM hp pressure pumping fleet at zero and is "dramatically over-discounting risk." The analyst expects shares to move higher as E&Ps begin to clarify their capital allocation plans and service estimates are properly calibrated.
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PTEN
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