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Fly News Breaks for September 30, 2019
PTEN
Sep 30, 2019 | 09:16 EDT
Citi analyst Scott Gruber downgraded Patterson-UTI Energy to Neutral from Buy and lowered his price target for the shares to $9.50 from $12. The analyst recently cut his 2020 U.S. rig count forecast, which now calls for a 5% year-over-year decline next year. Falling utilization across both super spec and standard rig classes likely weigh on pricing, Gruber tells investors in a research note. The analyst adds that despite the recent pullback in shares of land drillers, his estimates are now ~30% below consensus for 2020.
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