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Fly News Breaks for December 13, 2019
PTEN
Dec 13, 2019 | 06:03 EDT
JPMorgan analyst Sean Meakim downgraded Patterson-UTI to Underweight from Neutral with a price target of $6, down from $7, in conjunction with his 2020 Oil Services outlook. The analyst thinks the company is disadvantaged in terms of customer mix and geography across both pumping and drilling in a declining activity environment. Patterson-UTI is above average in drilling but "middle of the pack" in pumping, says the analyst, who notes that he struggles to get to consensus expectations.
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