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Fly News Breaks for September 12, 2019
Sep 12, 2019 | 07:08 EDT
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.
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