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Fly News Breaks for November 19, 2019
PTEN
Nov 19, 2019 | 19:45 EDT
Deutsche Bank analyst Chris Snyder initiated coverage of Patterson-UTI with a Sell rating and $7 price target. The analyst notes that the U.S. land drilling market is "structurally impaired" as improvements in drilling have allowed U.S. producers to drill a "higher cadence of more productive wells" with fewer rigs. Snyder adds that while the issues facing U.S. pressure pumping market are "cyclical rather than structural", pricing will remain pressured "through at least late 2020."
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