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PTEN

Patterson-UTI

$8.64

-0.295 (-3.30%)

09:16
09/30/19
09/30
09:16
09/30/19
09:16

Patterson-UTI downgraded to Neutral from Buy at Citi

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.

  • 24

    Oct

PTEN Patterson-UTI
$8.64

-0.295 (-3.30%)

09/12/19
WELS
09/12/19
DOWNGRADE
WELS
Underperform
Wells Fargo downgrades Land Drillers sector to Underweight, cuts three stocks
As previously reported, Wells Fargo analyst Christopher Voie downgraded Helmerich & Payne (HP) and Nabors Industries (NBR), both to Underperform from Outperform, and downgraded Patterson-UTI (PTEN) to Underperform from Market Perform. He also lowered his view on the Land Drillers sector to Underweight, citing falling leading-edge dayrates, limited contract coverage, and expectations for a weaker contracting environment in 2020-2021. His revised 2020 EBITDA estimates for the group are 13%-21% below consensus, noted Voie, who lowered his price target on Helmerich & Payne shares to $30 from $55, cut his price target on Nabors to $2 from $3.50 and reduced his Patterson-UTI target to $7.50 from $11.50.
09/26/19
LEHM
09/26/19
INITIATION
Target $3.5
LEHM
Overweight
Nabors Industries initiated with an Overweight at Barclays
Barclays analyst J. David Anderson started Nabors Industries (NBR) with an Overweight rating and $3.50 price target. While overshadowed by credit issues, Nabors has made "impressive" operational strides and closed the earnings gap with Patterson-UTI (PTEN) and Helmerich & Payne (HP), says the analyst. Further, the analyst sees reduced credit risk with $231M in free cash flow projected in 2020.
09/26/19
LEHM
09/26/19
INITIATION
Target $10
LEHM
Equal Weight
Patterson-UTI initiated with an Equal Weight at Barclays
Barclays analyst J. David Anderson started Patterson-UTI Energy with an Equal Weight rating and $10 price target. The company has taken a more capital intensive approach to the oilfield, and its greater exposure to private operators weighs on its valuation, says the analyst.
09/30/19
SBSH
09/30/19
DOWNGRADE
SBSH
Neutral
Patterson-UTI downgraded to Neutral from Buy at Citi

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GNPX

Genprex

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TDC

Teradata

$27.21

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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Technical Analysis
NASDAQ market internals summary »

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NLSN

Nielsen

$20.18

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STZ

Constellation Brands

$185.90

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Options
Constellation Brands call volume above normal and directionally bullish »

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TDC

Teradata

$26.93

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CFFI

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$52.65

(0.00%)

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SPWR

SunPower

$7.96

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Options
SunPower put volume heavy and directionally bearish »

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CRM

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LIVN

LivaNova

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MO

Altria Group

$47.34

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Options
Altria Group call volume above normal and directionally bullish »

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