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Fly News Breaks for June 27, 2019
PTEN
Jun 27, 2019 | 06:27 EDT
Wells Fargo analyst Judson Bailey downgraded Patterson-UTI to Market Perform from Outperform and lowered his price target for the shares to $13 from $17. The analyst sees "several macro factors converging" to drive downside risk to lower 48 spending and activity next year, most notably slowing demand growth. His analysis suggests that forecasted U.S. activity could oversupply the global oil market.
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